Iowa sports wagering operator bonds.
From $100.
The Iowa Racing and Gaming Commission requires every online sportsbook, or advance deposit sports wagering operator, to hold a reserve covering what it owes bettors. Under 491 IAC 13.2(6) that reserve can be a surety bond sized to your reserve calculation. Premiums cost 2% of the bond amount, $100 minimum.
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How much does an Iowa sports wagering operator bond cost?
2% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
The bond is the paperwork; the Commission approval of your reserve method is the step that matters. Here is the whole sequence:
Apply online
Your company details, state of organization, the reserve amount your calculation produced, and the effective date. The application includes a soft-pull credit consent.
Priced and issued
Your premium is 2% of the bond amount with a $100 minimum. Pay, e-sign, and your executed bond arrives by email. Reserves up to $1,000,000 may get a short underwriter look before issue; above that, a specialist quotes the bond directly.
Submit to the IRGC administrator
The rule requires the reserve method to be submitted to and approved by the administrator before implementation. After that, your controller files the Commission’s monthly reserve attestation by the 15th.
What it is and who needs it.
What the sports wagering reserve bond actually covers
An advance deposit sports wagering operator is the online sportsbook that takes bets from Iowa players through an account funded in advance. Iowa Code chapter 99F lets the Racing and Gaming Commission license these operators, and each one works under an agreement with an Iowa casino licensee. Because the operator holds bettors’ money, the Commission requires it to keep a reserve that covers every dollar it owes them.
Subrule 491 IAC 13.2(6) lists the forms that reserve may take: cash or cash equivalents segregated from operating funds, an irrevocable letter of credit, payment processor reserves and receivables, a bond, or a combination. The reserve must equal the outstanding advance deposit sports wagering liability, and the calculation must include patron accounts, future wagers liability, unpaid wagers and pending withdrawals. A surety bond lets the operator meet that obligation without parking the full balance in a segregated account.
There is no fixed penal sum. The amount moves with your book, and the rule makes you watch it: if the total reserve ever falls short of the calculation, you must notify the Commission within 72 hours, and a controller-level officer files a monthly attestation on the Commission’s form within 15 days of each month end. Size the bond with headroom for your busiest weeks. Choosing a bond also carries a companion duty under 491 IAC 13.5(4)“h”: an operator whose reserve is not segregated cash must segregate player account funds from operating funds.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The term is set on the carrier’s application; the premium covers the period shown there.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
Submit to the IRGC administrator. The rule requires the reserve method to be submitted to and approved by the administrator before implementation. After that, your controller files the Commission’s monthly reserve attestation by the 15th.
What sets the price
The premium is 2% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, issued instantly.
Submit the application with the reserve amount your calculation requires. The application includes a credit consent, but it authorizes a soft credit pull only.
Start the application →Common questions.
Other Iowa bonds.
Price and requirements checked on the carrier’s application, .
Your Iowa reserve, without the parked cash.
Enter the reserve your calculation requires, see your price, and submit the bond to the Racing and Gaming Commission. Free until issued.