Bloomberg Businessweek

A Wall Street Legend Flops in Sports Betting

• Howard Lutnick is shopping around CG Technology

• “If I’m going to bet $50 to $100 … I’m at least going to want a beer”

March Madness, the biggest championship tournament in U.S. college basketball, hits Las Vegas each year like a tomahawk jam. Hundreds of millions of dollars course through the city’s sports betting parlors, far exceeding the wagers placed on the one-day Super Bowl event.

Howard Lutnick has spent much of the past decade trying to get a piece of that action by building a sports gambling operation, CG Technology LP. But Vegas is a tough

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