Texas Bingo Prize Fee Schedule Bond Guide
If you are a licensed bingo operator in Texas, you must purchase a surety bond. Read on to learn more and get a quote today!
Bond Overview
- Purpose: To protect the state from financial loss if bingo operators conduct business unlawfully
- Who Needs It: Licensed bingo conductors in Texas
- Regulating Body: The Texas Lottery Commission – Charitable Bingo Operations Division
- Required Amount: Varies depending on license class and expected prize fee liability
- Premium Rates: Start at $100, typically 1-3% of the total bond amount based on credit
What Is a Texas Bingo Prize Fee Schedule Bond?
The Texas Lottery Commission requires all bingo conductors to file a bingo prize fee schedule surety bond to ensure ethical business practice according to the Bingo Enabling Act.
Bingo operators must comply with the Texas Occupations Code and pledge to pay all bingo prize fee taxes, interests and penalties owed to the state.
How Do I Know Which Bond I Need?
There are 10 Texas bingo prize fee schedule bond amounts based on license fee class. License fee classes range between $125 and $7,000. Refer to the table below to see how to determine your class.
| License Class | Annual Gross Receipts | Bond Amount |
|---|---|---|
A | $25,000 or less | $125 |
B | $25,000-$50,000 | $325 |
C | $50,000-$75,000 | $600 |
D | $75,000-$100,000 | $825 |
E | $100,000-$150,000 | $1,225 |
F | $150,000-$200,000 | $1,800 |
G | $200,000-$250,000 | $2,125 |
H | $250,000-$300,000 | $2,675 |
I | $300,000-$400,000 | $3,275 |
J | More than $400,000 | $7,000 |
For large-scale bingo events, operators may need to post a schedule D bingo prize fee surety bond instead, which ranges from $1,000 to $100,000.
How Much Do Bingo Prize Fee Schedule Bonds Cost in Texas?
Most Texas bingo prize fee schedule bond premiums start at $100 for applicants with excellent credit. Surety underwriters will determine your exact price.
For larger bond coverage and with good personal credit, rates typically range from 1% to 3%. Verify your license class and required bond amount with the Texas Lottery Commission and apply today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Texas Bingo Prize Fee Schedule Bond Work?
By purchasing a bingo prize fee schedule bond, you enter a legal contract between three parties:
- Principal: You, the bingo conductor
- Obligee: The Texas Lottery Commission – Charitable Bingo Operations Division
- Surety: The provider issuing the bond
The purpose of these bonds is to guarantee the principal will follow rules and regulations outlined in the Bingo Enabling Act.
If the principal fails to pay taxes or make proper payments, the surety protects the state from financial loss up to the full bond amount.
What Should I Include In My Bond Application?
When applying for a Texas bingo prize fee schedule bond, include your license class and tax ID or EIN. Additionally, note whether the bond is for a one-time or recurring event.
How Do I Get a Bingo Prize Fee Bond in Texas?
SuretyBonds.com provides the fastest and easiest way to get a bingo prize fee schedule bond. To get your bond, complete the following steps:
- Apply to get a free quote within one business day
- Buy online or over phone
- Receive your bond documentation*
- Sign and submit the bond form to your obligee
*Note: We’ll email all bonds except for the schedule D continuous bingo prize fee bond which will be physically mailed to you instead.
How Do I Renew My Bingo Prize Fee Schedule Bond?
Texas bingo prize fee schedule bonds expire annually. A SuretyBonds.com representative will contact you during the renewal period to discuss next steps.
If you have any questions, refer to our Surety Bond Renewal Guide or call 1 (800) 308-4358 to speak with a team member.
Who Needs a Texas Bingo Conductor License?
Before you can conduct charitable bingo activities in Texas, your organization must be licensed. The following organizations are eligible for licensure:
- Religious societies
- Nonprofit organizations whose activities are for treatment programs
- Fraternal organization
- Veterans organization
- Volunteer fire departments
- Volunteer emergency medical services providers
All organizations must have been established in Texas for at least three years. Additionally, each bingo chairperson for applying organizations must complete the required training.
How to Legally Conduct Bingo Activities in Texas
To become a licensed bingo conductor with the Charitable Bingo Operations Commission, submit your application along with the following information and documents to the Commission:
- License fee
- Texas taxpayer ID
- Surety bond form
- Verification statement signed by the applying organization’s bingo chairperson
- Sufficient facts relating to the applicant’s organization
- Copy of the most recently filed Form 990 (IRS form)
- Letter of good standing from the applicant’s parent organization
The commission might require applying organizations to attend a pre-licensing interview. Licenses are valid for only the specific times, days and location indicated on the license.
