With all do respect, I think the creation of an arbitration panel will have a lot of unforseen consequences.
Take this BCN case for example. The player got paid. My guess is he got paid because Ken and the others were able to persuade BCN, that for PR sake, they should pay him. But I know if I was on an arbitration panel, I doubt I would have voted that he be paid anywhere close to the amount he got. BCN cancelled the wager. I don't think they should ahve cancelled the wager. But they did cancel it before game time. They emailed him, and tried to call him. So he had no money at risk. SOme could reasonably argue, that since the book really had no justification in cancelling the wager, the wager should stand. But others like me, would argue that the two are somewhat seperate issues.
So players should realize that by going to arbitration, you may well get less tahn what you would by working behind the scenes, or even by posting your issues