New surety bond requirements likely if Texas legalizes poker

poker

The Texas legislature is considering legalizing poker in the state via HB 292, which is known as the “Poker Gaming Act of 2013.”

The bill was filed December 17, 2012, and was referred to the Licensing & Administrative Procedures Committee on February 11, 2013. One aspect of the new regulations would require poker gaming operators to be licensed and post security for payment of a gross receipts tax. A sales tax surety bond could satisfy this requirement.

The bond amount for this tax bond would be determined based on:

“The commission shall set the amount of the security, taking into consideration the amount of money that has or is expected to become due from the licensed operator, based on the number of poker gaming tables to be operated on the operator’s premises. The commission may adjust the amount of security required after the licensed operator begins conducting poker gaming on the premises and paying gross receipts taxes.

If payment is not made when due, the commission may order the forfeit of all or part of the security to cover the amount due.”

Furthermore, Sec. 2004.408 of the bill would require every employee who handles cash at a poker establishment to file a fidelity bond with the state. This bond would function as insurance that protects against financial loss resulting from theft or embezzlement at the hands of a licensed operator’s employee.

Click here to read HB 292 in its entirety.

If you need a surety bond in Texas or any other state, contact SuretyBonds.com online 24/7 or by phone Monday through Friday 8 a.m. to 7 p.m. CST at 1 (800) 308-4358. SuretyBonds.com can help you get the bond you need quickly, easily and accurately to remain in compliance with the laws of your state and industry.