Mississippi Lottery Retailers Need a Surety Bond
The Mississippi Lottery Law was created with the approval of Senate Bill 2001 in 2018. The bill authorizes the creation of a Mississippi State Lottery, which is regulated by the Mississippi Lottery Corporation.
Lottery retailers can earn commission on ticket sales and large winnings, with an added benefit of increased customer traffic and increased sales of other items in their stores. Those who wish to become lottery retailers must meet certain requirements and be approved by the Corporation. Requirements include compliance with the Americans with Disabilities Act and obtaining a letter of credit or a surety bond.
The bond amount is based on an estimate of average ticket sales. A surety bond guarantees that the lottery retailer will pay the state the money from ticket sales.
How Much Does This Bond Cost?
The premium that you pay for a Mississippi Lottery Retailer Surety Bond is dependent on credit and the bond amount required. Our rates start at $100 for bond amounts $10,00 and under with good credit. For bonds over $10,000, our rates start at 1% of the bond amount with good credit. Our Surety Bond Specialists can provide a free quote based on your specific situation.
Did You Know?
Proceeds from the sale of lottery tickets in Mississippi will go towards repairing the state's bridges and highways, up to $80 million. Money earned in excess of $80 million will be designated towards public schools.
Related Links:
Read our blog, Mississippi Lottery Retailers Need a Surety BondOfficial Mississippi Lottery Website
Mississippi Lottery Facebook Page
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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