What is a Texas bingo license bond?
A Texas bingo license bond (also called a bingo prize fee schedule bond) is required for all organizations conducting bingo games in Texas. The Texas Lottery Commission requires the bond as part of the state licensing process. It guarantees that an organization will comply with all applicable laws and regulations and manage bingo proceeds fairly and honestly.
Get Your Bingo License Bond:
- A Texas bingo license bond is required for all organizations conducting bingo games in Texas.
- Your bond could range from $10,000 to $500,000.
- Your premium rate is based on various factors, including your credit score and the anticipated gross receipts from bingo activities.
Who needs a bingo license surety bond in Texas?
Any organization planning to conduct bingo activities in Texas must obtain a bingo license from the Texas Lottery Commission. Applicants must also provide a bingo license bond as part of the licensing process. This requirement applies to a wide range of entities, including:
- Charitable organizations
- Fraternal organizations
- Organizations for veterans
- Religious organizations
- Volunteer fire departments
- Volunteer emergency medical service providers
- Other qualified nonprofit organizations
How much does a bingo license bond cost?
The cost of a bingo license bond in Texas can vary based on several factors, such as the bond amount required by the Texas Lottery Commission and the applicant’s creditworthiness. The anticipated gross receipts from bingo activities typically determine the bond amount. The minimum bond amount is $10,000, and the maximum is $500,000.
The premium rate for the bond, which is a percentage of the bond amount, may range from 1% to 10%. Applicants with good credit can generally expect to pay a lower premium.
How to Obtain a License to Conduct Bingo Activities in Texas
You must apply with the Texas Lottery Commission and post a bingo license bond to obtain a license to conduct bingo activities in Texas. You may also need to pass a background check and inspection. You can find the correct application form on the Texas Lottery Commission website.
Basic application information includes:
- Name and address of the organization
- Purpose of the bingo games
- Location of the bingo games
- The number of bingo games that will be conducted per year
- The estimated amount of bingo proceeds
Once you’ve submitted your application, the Texas Lottery Commission will review it and, if approved, issue a license. The application process can take several weeks. The license is valid for one year and must be renewed annually. If you have any questions about the application process, contact the Texas Lottery Commission at 800-246-4677.
How to Apply for a Texas Bingo License Surety Bond
To obtain this bond, simply apply and pay online. ZipBonds offers the fastest and most secure option for getting the surety bonds you need. Our all-digital platform is intuitive and straightforward. Apply on our website or call us at 888-435-4191 to speak with an agent directly.
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.