I thought this was a 724. I was looking at one last night.
Would they have a 2nd Oracale America's Cup model?
They did make several models. Disregard everything I said.
You are correct on both fronts. Panerai released not only 2 but 5 America's Cup watches.
PAM724 - Luminor Marina Oracle Team USA (the one you pictured)
PAM725 - Luminor 1950 Flyback Oracle Team USA
PAM726 - Luminor 1950 Regatta Oracle Team USA
PAM727 - Luminor Marina 1950 Oracle Team USA (the one the OP is asking about)
PAM732 - Luminor Marina Softbank Team Japan (same as the one the OP is asking but with a Softbank Team Japan caseback and a different strap)
Now as to the question at hand by
beau7816 , the watch is a fake, or what we call a very low level rep. We have a PAM727 rep but it is much closer in appearance to the gen (as can be expected). Primary tell is the date font and the marker @3 o'clock, indicating a low end movement was used. The placement of the QR buttons is also too near the case and stitching on the strap is horrible even compared to the rep.