|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.
For more info go to www.BetPanAm.com or call 1-800-810-8596.