Lambda of Texas State hosts the Bobcat Ball, a professional, theme-oriented drag show put on every semester to raise awareness of lesbian, gay, bisexual, transgender and questioning (LGBTQ) students. According to The University Star, the first Bobcat Ball was held in April 2000.

The show takes place at Gordo's Bar and Grill on the Square. Bobcat Ball is Lambda's main fundraiser, with proceeds funding the organization and local charities.

Lambda is a student organization comprised of LGBTQ students and their friends and family.