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Refco Suing Cantor Gaming Over Mobile Tech
Friday July 19,2013 : MOBILE GAMBLING TECHNOLOGY DISPUTE HEADED FOR COURT
Troubled futures broker suing Cantor Gaming over decade-old technology investment
The bankrupt futures broker Refco has launched a legal action in a New York District Court against Cantor Gaming over a mobile gambling technology investment it made in the company’s predecessor over ten years ago.
The issue turns on the alleged non-payment of compensation for proprietary technology which Cantor acquired and successfully exploited.
Lawyers for Refco contend that the company acquired a 10 percent interest in Cantor Index Holdings after it invested $8 million in the subsidiary. The company successfully developed technology for mobile and other betting applications, but was shut down by Cantor Gaming, which transferred the assets and intellectual property to itself...all without properly paying Refco its share of the development.
Time has shown that the technology played a major role in the success of Cantor Gaming operations, something the company has acknowledged, says Refco.
Millions of dollars are being claimed on grounds that Cantor Gaming "...drained Cantor Index Holdings of its assets and then co-opted the intellectual property for its gambling businesses.”
"Cantor Entertainment Technology’s success in the mobile gaming industry and its potential IPO rely heavily on these technologies and we seek recovery for the bankruptcy estate the fair value of Refco’s investment,” Refco court submissions claim.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgaming’s customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sunday’s 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at –115.
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