What is an Ohio Lottery Sales Agent and Retailer Bond?
Get bonded to become licensed as a Lottery Sales Agent/Lottery Retailer in Ohio today!
The surety bond is a prerequisite for any individual, association, or business entity who is applying for a Lottery Sales Agent/Lottery Retailer license in the State of Ohio.
The surety bond requirement is stated in Chapter 3770.05 of the Ohio Revised Code and is enforced by the Ohio Lottery Commission.
What is the bond amount?
The bond amount varies. The amount will be determined by the Director of the State Lottery Commission. However, the usual bond amount is $15,000.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Lottery Sales Agent/Lottery Retailer bond conditions?
- The surety bond company who will issue the bond should be authorized to conduct business in the State of Ohio
- The Lottery Sales Agent/Lottery Retailer license applicant is obligated to comply with the provisions of Chapter 3770 of the Ohio Revised Code, the rules and regulations of the Ohio Lottery Commission, and all the other applicable rules that govern Lottery Sales Agents/Lottery Retailers in Ohio
- In the case of violations, the aggrieved party will be eligible to file a claim on the bond.
- The bond will also be used to cover the following situations:
- The Lottery Sales Agent/Lottery Retailer’s failure to pay the accurate lottery ticket sales amount due and on time
- To pay missing or stolen lottery tickets
- To pay any damages done to the equipment issued to the Lottery Sales Agent/Lottery Retailer
- Any expenses incurred by the State Lottery Commission in connection with the Lottery Sales Agent/Lottery Retailer’s license
How do I obtain this type of bond?
You can get this bond by following these simple steps:
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so here!
STEP 2: Underwriting
We will ask you a couple of relevant information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.
STEP 3: Bond execution
Once the underwriter is done with the prequalification process, we will immediately issue the bond and send it to you!
Get started on yours today by giving us a call!