HERE COMES PANAMA by The Shrink

[TheGeneral+]

I'll be considered a shill(I have read another board), but for all of you that feel like I would be optimistic about this idea because of an agenda have truly misjudged me. One thing I know though is that there are many out there who will be fair and allow the results, good or bad, speak for themselves.

This is a creative, interesting, and slightly suspenseful move.

It's definately not worthy of criticism, because quite obviously, there is no one who knows how it will work out over time.

I wish all involved the very best in this venture.

 

[dimeplayersonly]

BATMAN60..........raises an important issue about Panama and credit shops........especially since its becoming more difficult to fund offshore accounts....credit shops will always have a foothold in the offshore industry...maybe someone can clarify this a bit...

 

[Journeyman]

Great info Ken.....

 

[IntuitionBET]

THE SHRINK - Regarding the bond...

Usually when posting a bond you put-up only 10% of the bond amount. So for a $500,000 bond you would put-up $50,000.

Isn't that the case for Panama?

Please clarify.

 

[icedog]

Jabow makes a great point regarding that 500K being gone once it's put up. The other point that was made in the article is that the government can enter the business anytime they feel like it and I'm sure go through whatever records they want and who knows who will be along for the ride as an "observer". This is the kind of operating format a book dealing with U.S. customers is going to want to deal with and the comfort zone U.S. based customers are going to want to wonder about?

This country will never have an exodus of books with this system in place and if you are going to deal with all of that why not just set up in Europe or the U.K. and then you'll have governments close to the U.S. and great phone and computers as well but with a bit more feeling of safety for your hundreds of thousands that would be sitting in wait for confiscation in Panama. The way to make money from a book dealing out of Panama seems to have them advertise with you.

 

[JohnB]

Additionally, EVERY LICENSEE must post a $500,000 bond with the government to insure payment is available in case of a dispute that is upheld in favor of the player!

My question is "Who is handling the dispute?"

Any ideas.

 

[zackzk]

Why would you play at BetPanam. Pinnacle is just as good if not better.

 

[batman60]

I posted this does anyone know the regs on credit, I still hear no go in Panama???


posted July 17, 2003 07:10 PM
Question

It was my understanding that no CREDIT books would be allowed into the country to do business only post up shops, I thought Legendz and BHB had substantial credit business and BetPanAm were also credit shops???? Or am I out to lunch on the rules and regs???

 

[24-7SportingNews]

We all know BetPanAm.com will be an advertiser on Rx, so take all of the glowing comments from Shrink and his shills with a grain of salt! No reason to rush in and send your money to a new book.

 

[Tico]

I am Costa Rican, and I think those that bad mouth my country are just not seeing things objectively.

Just like in any other country, there are pros and cons to doing business here. I think some people are just too gun-ho about Panama right now, and will make precipitated decisions that later cost them dearly.

I've always heard that the weather there in Panama is Hot and Humid. What was your experience, Shrink?

Tico

 

[Buzzsaw]

I have zero inside knowledge but I would be willing to bet a C-Note that the $500,000 requirement is rubbish for a sub license.

 

[RPM]

i thought the half mil was for a master liscence?

 

[VG789]

500k$ bond?I agree with Jabow here,those sorry books that will move from CR to Panama to avoid paying taxes,are planning to give 500K bond?

 

[Buzzsaw]

RPM,
I stand corrected.

Actually, and please note I'm trying to wiggle off the hook, the Shrink wrote it a little confusing "Additionally, EVERY LICENSEE must post a $500,000 bond with the government". But he did mention that a sub license is going for $60k so I guess I'll have a little tap water to go with my crow

.

 

[THE SHRINK]

Buzzsaw and others,

Every sports book must post up a 500 thousand dollar bond that insures the player against disputes that may occur....

There is real regulation in Panama and this money will be used ONLY if their regulatory body sides with the gambler when a dispute arises...

THE SHRINK

 

[VG789]

Cool,now,whats that regulator body?
Does a gambler have real chances to be justified?

 

[ericdixon]

Great write up Shrink and it sounds like this new book is on the right track.

Was there any surf there?

Was Panama clean and safe?

I am putting together my winter surf trip and all pertinent information is greatly appreciated!

 

[MudSlideSlim]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Anyone applying for a license in Panama will not only have a background check, but will have to pass Interpol as well. 'Bad elements' need not apply for a license in Panama because they aren't going to get one. In fact, some have already been turned down. They will do their due diligence and past history is looked at carefully.

Since Panama views bookmaking as legal, a past indictment on bookmaking charges will not eliminate a prospective applicant from being able to obtain a sub license.

Additionally, EVERY LICENSEE must post a $500,000 bond with the government to insure payment is available in case of a dispute that is upheld in favor of the player!

There are real regulations in Panama which prevent some cowboy operations that we find in Costa Rica from even thinking of setting up shop here. The government has the right and the authority to visit the sports book at any time. And similar to Australia, it has the authority to listen to a dispute and make a final judgement.

The Shrink<HR></BLOCKQUOTE>

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

 

[THE SHRINK]

I was wondering how long it would take for someone to bump this thread up...

I stated on another post that I sincerely believe Bet Pan Am will recover...

The prudent thing for a watchdog site to do in the meantime is to remove them from the site so that other gamblers don't send money there while they are slow paying people..

We did the same thing with ROYAL when they had troubles, and in the end, everthing worked out well for them and their customers...

THE SHRINK

 

[MudSlideSlim]

maybe you forgot the question:

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