Why Is a Lottery Retailer Bond Necessary?
Do you like easy money? The lottery could be your ticket to millions. It’s definitely a great source of revenue for the States that allow lotteries. Many education programs and other services get their funding from state lotteries. The states want to keep that money coming, and they want everything to run smoothly. This includes making sure the winners get paid, the sellers follow all the rules and the state gets its fair share of the earnings. That’s where Lottery Retailer Bonds come into play.
Gas stations, convenience stores and other stores that sell lottery tickets may be required by their state to hold a Lottery Retailer Surety Bond. The bond is a guarantee that sellers will follow the State’s lottery laws. This can include:
- Filing sales tax returns to the State
- Only selling tickets and paying out prizes to people 18 and over
- Not selling tickets for more than the retail sales price
- Proper handling of lottery funds
- Not tampering with lottery equipment
Many states require Lottery Retailer Bonds, and the requirements and underwriting vary from state to state.
If you are a Lottery Retailer shopping for a Lottery Bond, SuretyGroup.com can help you get the best rates possible. Bad credit? No problem. Our Surety Bond Specialists will help get the best rates for your situation.
SuretyGroup.com can often give you same-day approval that makes the process quick and easy.
Have questions? SuretyGroup.com can help. Give us a call at 1-844-4eBonds (1-844-432-6637) and our Surety Bond Specialists can walk you through the bonding process.
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