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How much does a New York games of chance bond cost?
The New York Secretary of State mandates that promoters of games of chance for selling commodities with more than $5,000 in prize money secure a surety bond. The bond amount is equivalent to the amount of prize money to be distributed. The bond expires after the game of chance has concluded and there are no pending claims against the bond.
Your rate will depend on how much prize money is in the game of chance, as well as a review of your credit report. The higher your credit score, the lower your rate. Worried about your credit? There’s no need to be with our bad credit bonding program that gives us the ability to approve 99% of our applicants.
Feel free to give us a call at 1 (800) 308-4358 or click here to fill out our online bond request form. SuretyBonds.com strives to ensure its customers receive fast and efficient bonding services.
Not sure how to begin? Give us a call at 1 (800) 308-4358 and one of our surety specialists will provide you with the information you need to get started. Or, take a couple minutes to complete an online bond request form and one of our experts will contact you!
Why do I need this bond?
Games of chance bonds hold the principal liable in the event that there is fraudulent or unlawful business activity on behalf of the principal. Section 369-e of the New York Code outlines the rules and regulations for these games of chance. Violations of this legislation include:
- Distributing prizes to predetermined winners
- Failing to file with the Secretary of State a listing of the name and address of each winner of every prize in excess of $25
- Forcing a retail dealer to participate in the promotion
- Distributing false or misleading information concerning the game
- Failing to post the rules and regulations of the game in prominent promotional areas
For an extensive list of rules and regulations concerning these games of chance, visit the “Additional Resources” section of this page.
If the obligee files a valid claim against the bond, the surety will compensate the obligee for damages up to the penal sum of the bond. The principal must then repay the surety that amount of money.
Need a games of chance bond? Fill out a bond request and one of our surety experts will walk you through the bonding process!
What’s the fine print?
Games of chance bonds are required by the New York Secretary of State for promoters of games with over $5,000 in prize money in connection with the advertising or sale of consumer products and services. The bond requirement is equivalent to the amount of prize money associated with the game of chance. The bond automatically terminates once the game has concluded and there are no pending claims against the bond. There is no cancellation clause associated with this bond.
How to become a game of chance promoter in New York?
For promoters to implement a game of chance in connection with the sale of commodities with more than $5,000 in prize money, they need to submit a registration form with the Secretary of State. Required information in this form includes:
- $100 application fee
- Name and address of individual or firm proposing game
- Geographic area covered by promotion
- Description of game
- Time period of game
- Proportionate opportunity of winning prizes
- Number of entries available
- Number of prize winning chances
- Retail value of prizes
Check out the games of chance registration form in the “Additional Resources” section for more information.