Ark. Code Ann. § 23-110-414

Every franchise holder to which a license may be granted under this chapter at its own cost and expense shall, before the license is delivered, give a bond in the penal sum of fifty thousand dollars ($50,000), payable to the Arkansas Racing Commission, with a surety to be approved by the commission, conditioned to faithfully make the payments to the commission provided for in this chapter and to keep its books and records and make reports herein provided and to conduct its race meets in conformity with the provisions of this chapter.