BetPanAm Launch..article from online casino news

Dante · Aug 18, 2003

By staff

New offshore sportsbook BetPanAm.com is the first officially licensed and government regulated sportsbook in Panama. Promising a 1.07 vig are senior management Richard Long (formerly with Betmaker and Sportingbet.com), Marty Monroe (formerly with Galaxy and Royal Sports) and Scotty King (formerly of Pinnacle Sports).

'Our license was three years in the making and has teeth in it to protect players. Regulatory due diligence is strict and goes over the past history of those applying for a license with a fine tooth comb, so dead beats and other bad elements are screened out before they get very far in the process,' Monroe said.

Panama is a G-7 nation, which means it shares banking regulations with the U.S. It is also an industrialized country in which English is the primary language. Every gaming licensee must post a $500,000 bond with the government to insure payment in any disputed claim that is upheld.

Betting limits will be: online $5 minimum, $2,000 max on sides, $1,000 max on totals; phones, $5 minimum, $5,000 max sides/$2,000 max totals. Vig will be competitive and payouts 'will be done at the speed of light,' said Marty. 'That is only a mild exaggeration as our banking services here are fast, efficient and highly confidential.'

In order to honor its claims, BetPanAm 'has a technology infrastructure with cutting edge accessibility not generally available in the Caribbean region. We're one step off two worldwide central fiber-optic cables,' Monroe explained, adding, 'We have totally redundant communications on both Internet and phone through dual fiber cables from two separate switches on the fiber ring throughout Panama City.'

If there is one area of BetPanAm in which Monroe takes personal pride, it is the ticket writers. 'They've had intensive and comprehensive training under my supervision.

When we open our doors, they will be ready for anything. And our customers will not have to deal with heavy accents that slow down the betting process,' he promised.

The book will open with a world class betting menu for sports enthusiasts, and will soon be followed with Pari-mutuel horse betting, poker tournaments and soccer from around the world. @@

WildBill · Aug 18, 2003

Who wrote this thing? My goodness could you make any more errors. Lets see:

1. Panama isn't a G-7 nation and won't be in my or your lifetime.
2. English isn't common at all, its heard among the very elite and in some business conversations, but who is this writer kidding? English is about as common in Panama as Spanish is in the US, nothing more.
3. Posting a $500k bond is a very misleading thing to say. It is good in that there likely will be some money there should the authority, whoever it is, rules in your favor. The bad is that you have to convince the authority you were wronged and for how much. I don't think it will settle anything other than make sure there is money to pay off people if the business goes TU. In other words I doubt you can say "Book A stiffed me on this bet, I want to be paid" and expect an easy resolution with $$$ sent to your bank account.

While I respect the crew there and think they will do a fine job, I think they are opening themselves up to potential trouble down the line. This whole "master license" idea doesn't sit too well with me. They need a "master regulator" who is completely independent of all the books. And this goes both ways. What it comes down to is that the master license in a way gives a sense that the originals are on the hook too and who knows what mess that could potentially create years down the road? I wish them all well, its just if I were advising these guys I would tone the rhetoric down a little.

Jazz · Aug 18, 2003

Reposting from another topic ...

Panama a G7 country - ridiculous. That statement could not have been an accident, but WTF, did the writer think we'd be too stupid to know??

"Since 1975, the heads of state or government of the major industrial democracies have been meeting annually to deal with the major economic and political issues facing their domestic societies and the international community as a whole. The six countries at the first summit, held at Rambouillet, France in November 1975, were France, the United States, Britain, Germany, Japan and Italy. They were joined by Canada at the San Juan Summit of 1976 in Puerto Rico, and by the European Community at the London Summit of 1977. From then on, membership in the G7 was fixed ..."

VG789 · Aug 19, 2003

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by WildBill:
3. Posting a $500k bond is a very misleading thing to say. It is good in that there likely will be some money there should the authority, whoever it is, rules in your favor. The bad is that you have to convince the authority you were wronged and for how much. I don't think it will settle anything other than make sure there is money to pay off people if the business goes TU. In other words I doubt you can say "Book A stiffed me on this bet, I want to be paid" and expect an easy resolution with $$$ sent to your bank account.
<HR></BLOCKQUOTE>

I agree,but thats how the industry works generally.Where can I get a fast solution for a problem like the one you ve described above??Not even at aussies books.

PanamaRed+ · Aug 19, 2003

The above post is a cut and paste job of an article written by Buzz Daly for his site Buzz Daly's Sportsbook & Gaming News. The statement about Panama being a G7 member was simply a mistake. As many accurate words as Buzz has penned in his life, some slack is deserved. He is human and admitted it "to sloppy journalism" on his part for the error.

Wild Bill,
The method for settling any unresolved claims by a player against a Panamanian-licensed
sportsbook shall be the Gaming Control Board's exercised right to interceed and mediate a formal review by listening to the audio tape of the call, or transaction log of the internet wager, in dispute.

miked429 · Aug 19, 2003

buzz daly is as much of journalist as panama is a g7 member.next you are going to tell us sting won a pulitzer.and please do we really have start with this Panamanian Gaming Control Board bullshit already i'm sure they will have there best men on the case when some guy gets stiff out of a grand while this gaming agents is making 5.00 an hour.

MudSlideSlim · Jan 22, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Dante:

By staff

Panama is a G-7 nation, which means it shares banking regulations with the U.S. It is also an industrialized country in which English is the primary language. Every gaming licensee must post a $500,000 bond with the government to insure payment in any disputed claim that is upheld.<HR></BLOCKQUOTE>

Dante, will the $500,000 bond be used to pay the players *if* panam goes south?

Dante · Jan 22, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Mud Slide Slim:
<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>Originally posted by Dante:

By staff

Panama is a G-7 nation, which means it shares banking regulations with the U.S. It is also an industrialized country in which English is the primary language. Every gaming licensee must post a $500,000 bond with the government to insure payment in any disputed claim that is upheld.<HR></BLOCKQUOTE>

Dante, will the $500,000 bond be used to pay the players *if* panam goes south?<HR></BLOCKQUOTE>

Frank,

I sure hope so but,

how do I know that Sir, I just got that article from the onlinecasino news ..link is there

MudSlideSlim · Jan 22, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>...how do I know that Sir, I just got that article from the onlinecasino news ..link is there<HR></BLOCKQUOTE>

Ok. I just asked ken