In many states, businesses who sell lottery tickets or even use lottery equipment for commercial needs are required to post lottery surety bonds. These bonds protect the state and the consumer if a business improperly handles lottery funds or rigs lottery equipment. Lottery surety bonds make sure that lotteries are conducted in an ethical manner. Lottery bonds hold businesses to strict standards and keep the lottery both safe and fair for all involved.
The cost and requirements of lottery bonds vary from state to state. Each state has different regulations in place and requires different amounts for lottery bonds. Lottery bonds in Florida are subject to underwriting, meaning that how much you are required to post for lottery bonds is affected by your credit score.
If you wish to become a licensed lottery retailer in Florida, you must first apply for a bond. Then, applicants must submit a $100 application fee, complete a retailer application and provide contact information for all necessary individuals. They must also provide a voided check and a signed retailer contract. There may be other requirements depending on the nature of how you wish to retail lottery tickets.
Regardless of what your specific needs may be, Simon Insurance Agency will walk you step by step through the process and help you get your lottery bond quickly and easily. We have more than 30 years of experience and can work with you to get you competitive rates while also providing unparalleled service. For more information, call us today at 561-948-4141 or take a look at our bond services page. We can get you a quote and help you begin the process of getting your lottery bond.