What is a Game of Chance Surety Bond?
Game of Chance Surety Bonds are required for operators and sponsors of any contest, game, sweepstakes or challenge which offers participants specific prizes or winnings for their performance. These surety bonds guarantee that the winners of such events are awarded their previously promised prizes or awards. They bolster the integrity of the event while also protecting participants against fraud, theft and misrepresentation by ensuring the organizer’s adherence to all applicable laws and regulations, while also holding them accountable for their offerings.
Which states require Game of Chance Surety Bonds?
Pacific Surety proudly offers Game of Chance Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Game of Chance Surety Bonds?
Bond amounts for a Game of Chance Surety Bonds vary and are set by the local rules and statutes regulating the industry. Therefore, bond amounts and requirements will fluctuate from state to state. Please contact us with specific questions, and our knowledgeable underwriting staff will assist you.
How much does a Game of Chance Surety Bond cost?
Pricing for Game of Chance Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Monetary Value of Promised Prizes
- Amount of the bond
- Term length of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Game of Chance Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Game of Chance Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Game of Chance Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Game of Chance Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Game of Chance Surety Bond protect?
Unlike insurance, which protects you, your home or your business, Game of Chance Surety Bonds guarantee that the winners of such events are awarded their previously promised prizes or awards. In the event that fraud occurs, a claim can be filed by the obligee with the surety company for relief. If the claim is valid, the surety will pay up to the penal sum of the bond to resolve the claim. You are then required to reimburse the surety for all monies paid out, including any attorney fees incurred by the surety in the defense of the claim.
Claims can be detrimental to your business. Not only do they cause financial harm, they make it very difficult, if not impossible, to get bonded again.