Cantor Gaming, Las Vegas’s most controversial sportsbook operator, is under investigation by Nevada Gaming Control and under fire from bettors over the company’s seemingly changing philosophies.
But the biggest bettor of them all, mega-Vegas pro Billy Walters, adamantly supports Cantor.
“Cantor Gaming is one of the few bright spots from the sports betting standpoint that a bettor has,” Walters said. “They better pray that Cantor Gaming doesn’t go away.”
A branch of the financial company Cantor Fitzgerald, L.P., Cantor Gaming arrived in Nevada in 2006 with plenty of bravado, publicly stating that it would take any size bet from anyone. It strived to create a bettor-friendly atmosphere at its books and was innovative, becoming one of the first in Nevada to offer mobile and account wagering.
“At Cantor, you can actually do business the way people are doing business in the 21st century,” said Walters, a wealthy Las Vegas businessman who has risen to the top of the sports betting industry over the last 30 years. “You don’t have to carry cash or stand in a long line.”
Upon arrival, the biggest bettors in Vegas flocked to Cantor’s hub, The M Resort, an off-Strip book that catered to the sharp players that other books were often reluctant to deal with. There was buzz coming out of The M about million-dollar bets being placed by high-profile customers like boxing champion Floyd Mayweather.
Things changed in October.
Former Cantor Gaming Vice President of Risk Mike Colbert, one of 25 people nationwide named in a federal indictment, was arrested on various charges and was terminated shortly after. (Colbert has pleaded not guilty, and his legal case continues to play out in a New York court.)
Nevada Gaming Control has been investigating whether Cantor Gaming had knowledge of Colbert’s alleged missteps for more than a year—an investigation that could be wrapped up in the months ahead.
“Whatever issues Cantor Gaming has, I’m really pulling for them to get those resolved,” Walters said. “And I believe whatever issues they have, I think they’re isolated. I certainly don’t think it extends past maybe one individual. I don’t think it extends to the organization.”
Walters says he hasn’t noticed any changes with how Cantor operates. When asked if his limits have been impacted since the indictment, he scoffed, “Shit, no.”
But other serious bettors, albeit of lesser stature than Walters, have seen changes. Their limits have been reduced. One bettor claims to have been banned from two Cantor books after a recent winning streak.
Sal Albert has been betting seriously with Cantor Gaming for two years. When he first started, he says he was told there were no limits. He regularly bet a few thousand up to $15,000 on mainly college football and basketball and never had any issues.
Suddenly, in late October, around the same time of Colbert’s arrest, Albert was informed that he could only place a maximum of $1,000 per wager. Shortly after, Albert says he was banned from playing at The M altogether. He moved over to another Cantor book, the Hard Rock, went on a winning streak during the NBA playoffs and was cut off there, as well, he says.
“Before Colbert got popped, I had no issue placing any wager at Cantor,” Albert said. “It’s much different now. I don’t know if it was that specific event that changed their philosophy in terms of catering to sports bettors or if it was a bottom-line issue. But they were an option that was unlike any other option in town at that time. Not anymore.”
Cantor recently eliminated some of the types of wagers it will accept. For example, parlay bets on UFC fights are no longer allowed, a Cantor employee confirmed.
William Burton, another established bettor, began traveling to Las Vegas to bet on UFC fights a few years ago. He had been stiffed out of $30,000 by an offshore sportsbook and craved the security Vegas books provide in terms of payment.
Burton said Cantor in 2011 would take $12,000 bets on a UFC card. When he visited in August, he was limited to only $2,000 and was told he needed to have an account to get that amount.
“They are math guys now, not bookmakers. A manager even told me that they might take (UFC) off altogether, the way things are going,” Burton said. “Another manager said the risk team is different now. They don’t take the kinds of wagers that they used to.”
Burton said his return on investment from his earlier trips to Vegas compared to his most recent visit has been reduced by more than 60 percent. He provided betting records as proof.
“I’m done with Vegas, because of this stuff,” Burton said. “They’re almost forcing you to play offshore.”
While Walters isn’t happy with the state of sports betting in Las Vegas, he says Cantor Gaming’s books are still the best in town for big players.
“As far as taking a decent bet and consistency, Cantor Gaming is actually the most stable company that I’ve ever done business with in sports,” Walters said. “There are really only two places in Las Vegas to play, if you’re a bettor of any substance—Cantor and MGM Mirage. There is no place else. People better pray that more people like Cantor come along in Vegas, because if the options get much more limited than they already are … well … it’s a joke.”
Cantor Gaming, which operates books at The M, Cosmopolitan, Hard Rock, Palms, Silverton, Tropicana and Venetian, declined to comment on this story.