We absolutely love this no drip honey gate and it is our go-to. You wouldn't know this but all honey valves are not made the same. This one is designed to significantly reduce the chance of leaks occurring. Most honey gates are limited by their ability to stop leaks by how tight you can get them. This particular gate is designed so that a tight fit helps, but the honey has a longer path to travel before it can drip out.
The honey gate includes two gaskets and a set screw to fine-tune the valve. A thumb screw allows you to open and close the valve and once installed, the honey gate can be tightened from the inside of the bucket using the wide side of a sidebar or a similar sized tool. To drill your own hole in a bucket, this gate uses a 1 13/16-inch hole saw which will make a hole just tight enough that the gate fits snugly in the hole. This is the drill bit we use.
The threads in the gate plus the gasket both work together to stop honey from leaking. We sell this honey gate as a part of our bottling bucket. A square bucket will make it easier for the honey gate to be secure, but it still works well with a round bucket.