Overview of Sports Promoter Bond Requirements
This bond is typically required of applicants for a sports promoter license. Its purpose is to guarantee promoters’ compliance with state laws, and that they will fulfill their contractual obligations towards other parties in sports events such as participants, managers, agents, venue owners, etc.
These obligations include guaranteeing the safety of the public and the contestants, as well as making all required payments in a timely manner, and more. Typically such bonds are required of promoters of boxing, kickboxing, mixed martial arts, wrestling, and various other combat or competitive sports.
If a promoter fails to comply with these requirements and does not fulfill their obligations, a claim can be filed against their bond to request compensation. Such compensation is extended by the surety which backs the bond and may be as high as the full bond amount, also known as the penal sum.
The following states currently require a bond to be posted before a promoter is licensed: Alabama, Arizona, Arkansas, California, DC, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
See our detailed ‘What is a surety bond’ guide for a good explanation of how bonds work and why they are required.
See the next sections for information regarding the bonding amounts in different states, the cost of getting bonded, getting a bond with bad credit, and how to apply for your bond.
For any additional questions about this bond and the bonding requirements call us at (866)-450-3412! We will be happy to respond to your questions.
Sports Promoter Bond Amounts and Cost
See the list below for more information regarding the bond amount in your state. Amounts for these bonds vary according to state but are typically between $10,000 and $30,000. Certain states don’t have fixed amounts but determine the appropriate amount on a case-by-case basis.
|Locations requiring a sports promoter bond|
|State||Bond Amount||Alabama||At least a $10,000 performance bond|
|Arkansas||$2,000 - $5,000|
|Illinois||$5,000 + $10,000 performance bond|
|Louisiana||Varies; minimum $5,000, maximum $50,000|
|Michigan||$20,000 - $50,000|
|Minnesota||Varies, minimum $10,000|
|New York||Varies, $10,000 or $20,000|
|South Carolina||Varies, minimum $5,000|
|Texas||$15,000 + $15,000 gross receipts tax bond|
|Virginia||Varies, maximum $100,000|
|Washington||Varies, minimum $100,000|
Your surety bond’s cost is a fraction of your bond’s amount. The surety company which issues your bond determines the rate at which you can get bonded, based on your application and on important information such as your personal credit score. Sureties also consider other relevant financial information of applicants but credit score has the greatest effect on determining the cost.
Applicants who have a high score, typically one of 700 FICO or more, are offered low rates by sureties - often between 1% and 3% of the total penal sum of the bond. For example, if your bond is $10,000 and you have been offered a 2% rate, you will need to pay $200.
If you want to know exactly how much you need to pay for your promoter bond, complete the bond application form and we will provide you with a free quote. There are no obligations attached - getting a quote is entirely free!
Getting Bonded With Bad Credit
Even if your credit score is not particularly high, you can still get bonded!
Thanks to our Bad Credit Program promoters who have lower scores can still get a bond and finish their application for the license they need.
Rates under this program are higher because sureties assume a greater risk when bonding applicants with lower scores. However, thanks to our access to numerous bond markets, we always strive to provide our applicants with the lowest possible rates.
For more information and a quote on your bond, see the program page!
Get Your Sports Promoter Bond With Us!
Want to apply? Simply complete and submit the bond application form and we will shortly provide you with a free quote on your bond. We will also provide you with additional details on finishing your application.
It will take two days to have your bond issued, after which we will send you a digital copy via email and the original via standard mail!
Do you have any questions? Give us a call at (866)-450-3412 to speak to our bond experts and get all the information you need!