Pari-mutuel wagering is a betting system commonly used in horse racing and jai alai that involves pooling bets and distributing the money proportionately among the winners. In Florida, operating a pari-mutuel wagering facility requires strict compliance with state laws and regulations. To ensure compliance, pari-mutuel wagering permit holders are required to secure a $50,000 surety bond. The Florida pari-mutuel wagering surety bond helps protect the state, bettors, and regulatory agencies by guaranteeing that licensed operators meet their legal and financial obligations.
The ProSure Group is here to help you get bonded! You can get information, forms, or applications for a pari-mutuel wagering bond by calling us or submitting your bond request online. Our surety agents can guide you through every step of our simple, straightforward bonding process. Contact us today to learn more or request a free, no-obligation quote!
A pari-mutuel wagering bond is a type of surety bond required for businesses that conduct pari-mutuel wagering activities in the state of Florida. This bond acts as a financial guarantee to the Florida Gaming Control Commission that the licensee will operate ethically, responsibly, and in full compliance with state laws and regulations. Should the pari-mutuel wagering operator fail to comply with all applicable laws and regulations, the state may file a claim against the bond to recover financial losses. Specifically, this bond protects both patrons and the state by guaranteeing the following three things.
This bond guarantees the accurate payment of all lawful pari-mutuel winnings owed to patrons. It provides financial compensation if a licensee:
Becomes insolvent
Fails to pay winning tickets
Improperly closes operations
Additionally, this surety bond guarantees that the pari-mutuel facility operator will meet all financial obligations to the State of Florida, including:
Remitting pari-mutuel taxes
Paying all required license fees
Pay state assessments and regulatory fees
Finally, this bond guarantees the licensee’s compliance with all applicable laws and regulations. Specifically, ensuring compliance with:
Florida Statutes Chapter 550
Florida Administrative Code Chapter 61D
Orders and requirements of the Florida Department of Business & Professional Regulation
A $50,000 pari-mutuel wagering surety bond is required by the FGCC, specifically the Division of Pari-Mutuel Wagering, for any businesses or individuals applying for a pari-mutuel wagering license in the state of Florida. This typically includes operators engaged in:
Horse racing
Harness racing
Greyhound racing
Jai alai games
Simulcast and intertrack wagering
Essentially, if your Florida business conducts any regulated pari-mutuel wagering, this bond is likely required as part of your licensing and renewal process.
While the required bond amount for a Florida pari-mutuel wagering bond is $50,000, you pay only a small percentage of that amount as a premium. The exact cost of a bond premium will vary based on several factors, including credit history and industry experience. In many cases, qualified applicants with good credit may pay as little as 1% to 5% of the total bond amount annually. Here at The ProSure Group, we work with a vast network of top-rated surety carriers to help you secure the most competitive rate possible.
Yes. While a strong credit score can help you secure a lower premium, it is still possible to obtain a Florida pari-mutuel wagering bond with poor credit. Our surety agency is committed to helping applicants pursue their business goals and meet bonding requirements regardless of their financial situations. We even offer a bad credit bonding program that caters to applicants who have low credit scores, bankruptcies, or other financial challenges. If you’re unsure whether you qualify, one of our friendly surety specialists would be happy to review your application and provide personalized guidance.
That’s easy, just call The ProSure Group! As one of the leading surety companies in the Southeastern United States, we have extensive experience in Florida surety bonds and regulatory compliance. With over 30 years in the surety industry and access to a vast network of top-rated carriers, you can count on our team to help you obtain your bond quickly and at a competitive rate. Ready to get started? Begin the bonding process now by completing our online form or calling to speak to a surety expert!