{"id":1785,"date":"2017-01-03T14:16:21","date_gmt":"2017-01-03T14:16:21","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1785"},"modified":"2017-04-19T02:52:37","modified_gmt":"2017-04-19T02:52:37","slug":"kentucky-advance-deposit-wagering-provider-surety-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/kentucky-advance-deposit-wagering-provider-surety-bond\/","title":{"rendered":"Kentucky Advance Deposit Wagering Provider Surety Bond"},"content":{"rendered":"

During a special meeting the Kentucky Horse Racing Commission promulgated new rules for 2017 licenses which include the additional requirement of a Kentucky Advance Deposit Wagering Provider Surety Bond<\/strong>. “Advance deposit account wagering” means a form of pari-mutuel betting\u00a0in which an individual may establish an account with a person or entity licensed by the Commission, and may place a pari-mutuel wager through that account\u00a0operated by a licensee. The purpose of the surety bond as per the Commission is to protect any person or entity injured or suffering financial loss by reason of the licensee\u2019s failure to pay taxes, fees, and funds due and owing to its account holders, the Commonwealth of Kentucky or Kentucky licensed racetracks, or by reason of the licensee\u2019s failure to otherwise faithfully comply with all laws, rules and contracts related to the license\u00a0license to conduct advance deposit wagering.<\/p>\n

A Kentucky advance deposit wagering provider service bond must be issued by a surety company admitted to the Commonwealth of\u00a0Kentucky. To determine the appropriate surety bond amount a licensee must first\u00a0submit to the Executive Director of the Commission a\u00a0report certifying the average daily account total for all Kentucky residents AND a report certifying the average weekly excise tax amount paid to the Commonwealth. Based on the figures from the two reports,\u00a0the following surety bond<\/em> amounts are appropriate subject to certain minimums:<\/p>\n

1.) 125% of daily account value +\u00a0400% of the\u00a0excise tax amount.<\/p>\n

2.)\u00a0If the wagering provider\u00a0was not licensed for operation in the Commonwealth of Kentucky prior\u00a0to November 1, 2016, the surety bond must\u00a0be $100,000.<\/p>\n

3.) If the sum of the regulatory formula (125% +\u00a0400%) is less than or equal to $100,000, the surety bond must\u00a0be $100,000.<\/p>\n

4.) If the sum of the regulatory formula (125% + 400%) is less than or equal to $100,000, the surety bond must be $100,000.<\/p>\n

The Kentucky advance deposit wagering provider surety bond<\/strong> is non-cumulative, the liability of the surety for the aggregate of any and all claims which may arise thereunder being limited to the bond amount on its face, regardless of the number of years the suretybond is in force or the number of claims made against this bond. The surety may cancel the surety bond by sending written notice to both the wagering provider\u00a0and the Kentucky Horse Racing Commission by certified mail. Cancellation is considered\u00a0effective sixty\u00a0days after notice of cancellation is received by the licensee and the Commission.\u00a0Questions about the new bond requirement or licensing should be directed to the Commission<\/a> at\u00a04063 Iron Works Parkway, Building B, Lexington, Kentucky 40511 Attn: Steve May, Director of Pari-Mutuel Wagering and Compliance.<\/p>\n

National surety bond leader<\/strong>, Surety One, Inc. offers immediate approval of your wagering provider\u00a0bond request. Our special programs afford each applicant bonding capacity regardless of credit and\/or financial condition. Operating in multiple states? No problem! We offer surety bonds in all states and offer fidelity bond<\/em> coverages for this class of business. Visit us at www.SuretyOne.com<\/a>, call (800) 373-2804, or email us at\u00a0Underwriting@SuretyOne.com<\/a> for a\u00a0Kentucky advance deposit wagering provider\u00a0surety bond<\/strong> application or for information on any surety need.<\/p>\n

#advancedepositwagering\u00a0#horsebetting #suretybond #suretybonds #surety #SuretyOne #gambling<\/p>\n","protected":false},"excerpt":{"rendered":"

During a special meeting the Kentucky Horse Racing Commission promulgated new rules for 2017 licenses which include the additional requirement of a Kentucky Advance Deposit Wagering Provider Surety Bond. “Advance deposit account wagering” means a form of pari-mutuel betting\u00a0in which… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":1786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[],"yoast_head":"\nKentucky Advance Deposit Wagering Provider Surety Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/kentucky-advance-deposit-wagering-provider-surety-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kentucky Advance Deposit Wagering Provider Surety Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"During a special meeting the Kentucky Horse Racing Commission promulgated new rules for 2017 licenses which include the additional requirement of a Kentucky Advance Deposit Wagering Provider Surety Bond. “Advance deposit account wagering” means a form of pari-mutuel betting\u00a0in which... 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