What is a Texas Combative Sports Promoter License Bond and the Combative Sports Bond for Gross Receipts Tax?
Weigh in on the benefits of having these bonds!
In the state of Texas, one of the main requirements for a combative sports promoter license application or renewal is securing not one, but two surety bonds. One is the Combative Sports Promoter License Bond, and the other is the Combative Sports Promoter Bond for Gross Receipts Tax Bond.
Before we get into the details of each, let’s first understand what a combative sports promoter does.
Combative Sports Promoter
A combative sports promoter is someone responsible for planning, organizing, promoting, and staging combative sports events.
A combative sport, on the other hand, is a physical, full-contact match between two persons, wherein one will submit or be disabled. In Texas, the combative sports acknowledged are these three:
- Martial arts or Mixed Martial Arts
As we mentioned above, there are two types of bonds that you need to obtain the license as mentioned above. Here are those:
Combative Sports Promoter License Bond – The purpose of such bond is to guarantee that the person (principal) who is applying or renewing a license will fulfill the payment of obligations except for gross receipts taxes.
Combative Sports Promoter Bond for Gross Receipts Tax Bond – This bond is to ensure payment of the necessary gross receipt taxes from the event. The promoter is tasked to submit a verified report of the following, three business days after the event:
- The amount of tickets sold and the ticket prices.
- The gross amount of sale of broadcast rights of the match, brokerage fees, distributions, advertising, etc.
- The gross receipts amount acquired from the combative sports event.
How much do the bonds cost?
The amount of each bond is $15,000. The amount shall be made payable to the state or political subdivision in the case of damages and other expenses due to the event or promotional undertakings that happened within the state of Texas.
What do I need to get bonded?
You need to contact a surety bond company that is authorized to conduct business in Texas such as us. Before we can get you bonded for your license, certain steps are needed to be made. We will check your performance history as a promoter, financial capability, and your credit standing among others.
Those with a low credit score will still qualify for this bond!
What other requirements do I need to get licensed as a Combative Sports Promoter aside from the bonds?
- You need to fill in the necessary application forms for both the license and the bonds.
- You will also need to schedule an interview with the Texas Department of Licensing and Regulation’s Combative Sports staff.
- Pay the necessary license application fee.
Need more information about this bond or ready to get bonded? Get in touch with our expert team right now!