Arkansas Lottery & Lotto Bonds
Effective on March 25, 2009, Arkansas now requires performance bonds, or more specifically lottery bonds (or lotto bonds), from vendors to stay in accordance with the Arkansas Lottery Commission. The Commission will determine the bond amount for each specific vendor. Retailers must also place a lottery bond in the amount equal to two billing periods’ average ticket sales.
Surety bonds must also be obtained for Arkansas Lottery Commission employees who handle lottery revenue or the Commission’s funds. The Commission will determine the bond amount necessary for these employees.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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