On February 28, 2019, the Wyoming Legislature passed House Bill 180, which changes the required bond amount that mixed martial arts promoters need to hold matches. To hold a mixed martial arts match in the state of Wyoming, the promoter must be licensed with the Wyoming Combat Sports Commission. Among other licensing requirements established by the Commission, promoters must have a surety bond to guarantee their adherence to state guidelines. Previously, the surety bond amount for MMA promoters in Wyoming was set at $10,000. However, with the passage of HB 180 that amount can vary and must be $10,000 or the total estimated expenses associated with the match, whichever is greater. The new rules went into effect on March 3rd, 2019.
How much does a Wyoming mixed martial arts promoter bond cost?
The exact cost of the bond varies depending on the amount of coverage needed, as well as an underwriter’s review of the applicant’s qualifications. Mixed martial arts promoters will need to submit a report detailing an estimated cost of an upcoming match based on how many tickets past matches have sold and what the net revenue was of matches held at similar venues with similar audience sizes. After submitting this report, the board representatives will evaluate its legitimacy and determine the bond amount from this estimate. After the match has taken place, and additional report must be submitted to the board that details the number of tickets sold for the match, the proceeds that it generated, and other factors determined by the board within 72 hours of the end of the match. This only applies professional matches, which are matches that are held for profit.
Highly qualified applicants are typically approved for roughly 1-3% of the total bond amount, meaning a highly qualified MMA promoter who needs a $10,000 will probably be quoted for $100-$300 for the full year of coverage. To determine an applicant’s qualifications, an underwriter will review the application and determine whether or not it would be risky to write the bond. Highly qualified applicants are typically those with good credit, relevant experience, and a history of being bonded without claims.
Since these bonds are issued for 12-month terms, an underwriter will review the applicant annually prior to providing a quote to renew the bond. Therefore, if a promoter is quoted at a rate for their first year that is much higher than 1-3%, they could potentially qualify to pay less at renewal. Conversely, if an applicant’s credit has worsened or they have had any claims against their current bond, they may be quoted higher or the surety may decide not to renew the bond.
If you are interested in learning more about how surety bond costs are calculated, please visit our Surety Bond Cost FAQ.
Changes for Board Representatives
WY HB 180 also changes some responsibility for board representatives. The previous law required board members to be appointed representatives who work on behalf of the county. With the enactment of HB 180, board members work on behalf of the state, taking over the tasks and responsibilities that inspectors and deputies had previously. Such tasks include the meeting the requirement that a board member or representative be present at all matches and while profits made by the match are counted.
Need to get a surety bond in Wyoming?
Although the bond amount may have changed, the experts at SuretyBonds.com have years of experience issuing MMA promoter bonds in Wyoming, meaning they can get you the bond you need while saving you time and money. Call 1 (800) 308-4358 or visit SuretyBonds.com today to find out how much you can save on your Wyoming MMA promoter bond.