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How much does a slot machine licensee bond cost in Florida?
Slot machine operators in Florida must obtain a $2,000,000 surety bond prior to receiving a license. The amount of the bond is set by Chapter 551 of Title XXXIII of the 2018 Florida Statutes.
Due to the very large bond amount, applications will be subject to strict review by an underwriter. When determining a quote, underwriters will look at the applicant’s qualifications, prior experience, and financials, among other things. If an applicant is determined to be highly qualified, they may be approved for 1% to 3% of the total bond amount.
Begin the bonding process by calling 1 (800) 308-4358 or submitting a bond request. Our professionals can typically provide free, no-obligation bond quotes within one business day of submitting your application.
Why do I need this bond?
Florida slot machine licensee surety bonds are put in place to ensure that principals (slot machine operators) adhere to the provisions of Chapter 551 of the Florida Statures and Chapter 61D-14, of the Florida Administrative Code. Some of these provisions include remitting payment of all license fees and taxes required by law and performing all requirements imposed by law or regulation or the conditions or the license.
If the principal fails to comply with these terms, the bond covers financial losses suffered by harmed parties up to the full penal sum. The principal must reimburse the surety for any damages paid out.
What’s the fine print?
Slot machine licensee bonds in Florida may not be released except to the Florida DBPR on written demand of the Director of the Division of Pari-Mutuel Wagering of the DBPR or by the principal with written instructions from the director. The surety can cancel the bond by giving written notice of withdrawal to the director at least 60 days prior to the effective withdrawal date.
These bonds can be continued with a continuation certificate signed by both the principal and the surety.