Lottery Bond

Lottery bonds are necessary to all those who sell lottery tickets or operate lottery equipment. Most states require operators or sellers to obtain a surety bond, so make sure to check with your Department of Revenue Lottery Commission, Lottery Corporation, State Lottery Agency, or other respective institution for more details.

While these bonds may sometimes be called “lotto bonds” or “lottery machine bonds,” they are, in effect, the very same bonds.

There are differences in the amounts of the bonds, though, which vary from state to state.

The cost of your lottery bond is a percentage of the total amount of the bond you need to obtain. Amounts for lottery bonds are determined on a state level by the relevant authorities.

In other words, there are rarely fixed amounts for lottery bonds, though most bond amounts are in the range between $3,000 and $20,000.
When determining the rate at which you can obtain your bond, sureties take into account a number of financial indicators and predictors, such as your personal credit score, personal finance history, and business financial statements.

Among these, credit score is the most important, which means that if you have a high credit score, you will most likely be offered a low rate on your bond. Applicants with high scores can expect a so-called standard market rate, between 1%-4% of the total amount of their bond.

You can get a free quote on your bond by submitting your surety bond application through the application link. As soon as we have processed your application we will provide you with a quote on your lottery bond, entirely free of charge and without any obligations attached.

Applicants with a low or nonexistent credit score often have trouble getting bonded, since they are considered a higher risk. This means they are faced with difficulties in conducting business, which may even make it impossible for them to improve their standing.

We at Lance Surety Bonds have created our Bad Credit Surety Bonds program, in order to enable such applicants to get bonded. This is made possible by our long-term partnerships with A-rated and T-listed surety bond companies, which are among the best and most reliable companies in the whole country.

Naturally, rates under this program are slightly higher, in order to mitigate the increased risk that comes with bonding bad credit applicants. Applicants with damaged credit usually see rates ranging from 5%-15%.

Regardless of the credit type of our applicants, Lance Surety Bonds is dedicated to always finding the best and lowest rates for our clients, and enabling them to get their bond as quick as possible.

To get your lottery bond, you just need to apply online and submit a simple surety bond application form. Approvals for lottery bonds are fairly quick, so you can expect to get your free bond quote soon after your submission.

You can also call us at (877)-514-5146 anytime to ask our surety experts any additional questions you may have or request assistance with your application. We will be happy to help!

Along with your surety bond, which you must submit when you are applying for your lottery retailer license, you will also be asked to submit a number of documents and items such as those on the list below.

• Application form
• Name of corporation and business address
• Full name, social security number and other identifying information
• Store hours and liquor permit number (if applicable)
• A criminal background check
• A Lottery Electronic Fund Transfer (EFT) system form (if applicable)
• Application and licensing fees
• Others

Whether or not you will have to submit any of the above documents will depend on your state’s Department of Revenue or Lottery Corporation, so make sure to check with them when applying for your license.

Licenses are usually issued for a number of years, and you will typically be asked to submit a license renewal application each time your license runs out. Along with this you will have to submit a new surety bond, unless state regulations require you to post a continuous surety bond.