How much does a bingo revenue bond cost in South Carolina?
The South Carolina Department of Revenue requires bingo revenue professionals to post surety bonds in varying amounts. Applicants should verify their required bond amount with the state prior to bonding.
The price you’ll pay for your bond depends on two factors: your required amount of bond coverage and a review of your personal credit report. The best way to find your surety bond price is to request a free online quote.
Why do I need this bond?
By posting a South Carolina bingo revenue bond, principals (bingo card manufacturers/distributors) guarantee that they will stand by their obligations and duties as stated in the bond agreement by conducting business in accordance with the laws of the state of South Carolina. Specifically, the bond ensures that principals will pay all state fees, penalties, and interest that become due to the Department of Revenue. If the applicant commits fraud or other damaging acts, this bond protects the state from financial loss.
What’s the fine print?
The surety has the option to cancel a South Carolina bingo revenue surety bond by giving written notice of cancellation to the South Carolina Department of Revenue. Cancellation becomes effective 30 days after the department receives the notice. The department can also cancel the bond by giving written notice of termination to the surety.
How to become a bingo card manufacturer or distributor in South Carolina
Bingo card manufacturers and distributors must be licensed to work in South Carolina.
A manufacturer’s license costs $5,000 per year, and a distributor’s license costs $2,000 per year.
More licensing information can be accessed from the "Additional Resources" section of this page.
