What’s the New Surety Bond Requirement?
The Indiana Horse Racing Commission (Commission) adopted emergency regulations for advance deposit wagering for horse racing that require a secondary pari-mutuel organization (SPMO) to be licensed and post a surety bond or irrevocable letter of credit in an amount the Commission will determine.
The bond amount is based on the monthly payments to the Commission under the regulations and the projected value of all balances in Indiana advance deposit wagering accounts. The bond must be for $50,000 or equal to the full amount in these accounts and the payments due to the Commission, whichever is greater. The bond or other security is conditioned on compliance with the applicable laws and regulations and must secure the payments to the Commission and to Indiana account holders. An SPMO may provide an alternative form of security.
Why Choose JW Surety Bonds?
We are the nation’s largest volume bond producer, and provide the lowest rates in the industry. It’s also crucial that you understand that you’re responsible to pay any claims filed on your bond. When you partner with our company, you will have a dedicated claim specialist assigned to your account to ensure claim payouts are either reduced or avoided all together.
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If you’re ready to get a surety bond for this newly increased bond requirement, you can simply apply online.