Non profit groups hold fundraisers that are gambling events all the time. I have seen groups hold gambling tables at local carnivals. So I am sure you could hold one. It would just be a matter of finding out exactly what licensing you need and if you need to hold it off presmises of the school and what things do you need to comply with. The best way for you to find out would be to go to your town hall and ask the clerk. They should be able to tell you exactly what you need and give you all the forms for whatever licensing you would need from your town and your state.
I personally would have no problem with an adult event such as this but I would rather it held in a local hall as opposed to the school.
Has anyone had experience with a PTO holding a Texas Holdem night as a fund raiser. My group has raised this idea. I personally don't believe that a school group should be hosting a gambling night, but that is just my opinion. I have also heard that it is illegal for a non-profit to hold this type of event? If anyone has any info I'd appreciate it. Thanks!