Kentucky Advanced Deposit Wagering Bond

The Kentucky Horse Racing Commission adopted revised regulations that change the current bond requirement for entities conducting advanced deposit wagering for horse races.

Under prior regulations, the bond or letter of credit had to be for an amount not to exceed $500,000. The revised regulations establish a formula for determining the bond amount based on the amount of excise taxes and account wagering balances that the licensee reports.

The bond or letter of credit must be in an amount equal to the amount calculated using the formula, except if the amount is less than or equal to $50,000, then the bond or letter of credit must be for $50,000, or if the amount calculated exceeds $500,000, the bond or letter of credit must be for $500,000. New licensees must post a $50,000 bond or letter of credit.

Get a Free Quote Instantly Online

If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.

 


Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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