A lottery bond provides financial protection for GLC and the public against financial loss in the event that the bonded lottery retailer, known as the bond’s “principal,” violates state laws governing the Georgia Lottery. The injured party can file a claim against the bond and, if the claim is found to be valid, will be compensated up to the face amount of the bond.
How to Get a Lottery Retailer License in Georgia
At Surety Bonds Agent, we offer a full range of surety bonds nationwide through an extended carrier network. Continue below to learn more about lottery retailer licensing in Georgia. If you have additional questions or want to explore bonding solutions for your business, speak with one of our knowledgeable surety bond experts.
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Who Licenses Lottery Retailers?
In the state of Georgia, lottery retailer licenses are issued by the Georgia Lottery Corporation (GLC).
Why Is a Surety Bond Required?
How Do They Work?
A lottery bond is a legally binding three-way contract between the obligee, the principal, and a third party known as the “surety.” This is the bond’s guarantor, the party guaranteeing that the principal will live up to their legal obligation to pay all valid claims.
When a claim is received and the surety finds it to be valid, the usual practice is for the surety to pay it on the principal’s behalf. But the surety is indemnified and has no legal responsibility for paying claims, so that initial payment is a loan to the principal, who must repay that debt to the surety. Failing to repay the surety exposes the principal to the risk of legal action by the surety.
What Are the Steps in the Licensing Process?
Take the first step toward obtaining a lottery retailer license by calling the Georgia Lottery Corporation (GLC) District Sales Office nearest to your location. A representative will be assigned to advise you and be your contact within GLC.
By completing, signing, and submitting the lottery retailer license application to the District Sales Office, you are authorizing GLC to run a criminal records check, credit check, and tax liability check. The information obtained through these checks will give GLC the basis for determining whether you meet their financial responsibility standards. If you don’t, you may be required to provide a Financial Security Deposit (FSD) before they will approve your license application.
In most cases, a person required to provide an FSD will purchase a lottery bond for that purpose. You will be informed by GLC if you must provide an FSD and what the required amount is. As the party requiring the bond, GLC is known as the bond’s “obligee.”
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What Do They Cost?
The annual premium for a Georgia lottery bond is the product of multiplying two factors—the required bond amount and the premium rate. Both of these are determined on a case-by-case basis; the bond amount by the obligee and the premium rate by the surety.
The main underwriting concern in setting the premium rate is the risk of the principal failing to repay the surety for claims paid on behalf of the principal. And the usual measure of that risk is the principal’s personal credit score.
The higher the credit score, the lower the risk and therefore the lower the premium rate, perhaps as low as one percent. With a lower credit score, the risk is higher and so is the premium rate.
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How Do Georgia Lottery Bonds Work?
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