Mississippi is 45th State to Play the Lottery
Lotteries are not new to the State of Mississippi. Schools and other organizations often used lotteries in the 1800’s to raise much-needed funds. But a new state constitution in 1868 banned lotteries.
This ban continued until 1992 when it was repealed by the Legislature. Even with the ban lifted, the state did not implement a lottery, though several legislators had tried throughout the years.
Neighboring states have lotteries, and people from Mississippi drive to Arkansas, Louisiana, and Tennessee to purchase tickets. Arkansas and Louisiana’s top-selling lottery outlets are near the Mississippi border.
Many Mississippi legislators wanted to keep the lottery revenue in the state. Mississippi has numerous bridges and roads that are closed due to structural issues, and the proceeds from a lottery could be instrumental in funding these repairs.
More than two decades after the lottery ban was repealed, Mississippi Governor Phil Bryant signed Senate Bill 2001 in 2018 that created the Mississippi Lottery Corporation which kicked off plans to begin the state’s new lottery, and making Mississippi the 45th state to participate.
The state expects to gain around $40 million in revenue during the lottery’s first year, and then $80 million to $100 million every year after that. The first $80 million earned each year would be designated towards road and bridge repair for ten years. Revenue over $80 million would be designated towards public education.
Businesses owners have a good incentive to sell tickets. Those who sell lottery tickets receive commission on tickets sold and a commission for larger wins. Plus, people who buy lottery tickets tend to spend more money in the store where they purchased the tickets.
How to Get a Mississippi Lottery Retailer Surety Bond
Not just anyone can be a lottery retailer. Those who are interested in becoming a lottery retailer can apply for a license through the Mississippi Lottery Corporation. The state has certain requirements that must be met, which includes complying with the Americans with Disabilities Act and obtaining a surety bond.
A surety bond guarantees that the lottery retailer pays the state the money owed from ticket sales. The bond amount is based on an estimate of average ticket sales. The bond must be purchased from an agency that is licensed to do business in Mississippi. SuretyGroup.com fits that requirement. Our rates start at $100 for bond amounts $10,000 and under, and 1% of the bond amount for bonds over $10,000, with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
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