When a lottery bond is required, the purpose is to provide financial protection for the Lottery Commission (the bond’s “obligee”) and the public. This protection is both preventive and compensatory in nature. The terms of the surety bond agreement require a lottery retailer (the bond’s “principal”) to comply fully with the Wisconsin lottery statute and the terms of the Wisconsin Lottery Retailer Contract. If the principal commits a violation that causes financial harm to the Lottery or the public, the injured party can file a claim and be compensated for monetary damages.
How to Get a Lottery Retailer License in Wisconsin
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 Wisconsin. 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 Wisconsin, if you want to sell lottery tickets in your retail establishment, you must obtain a lottery retailer license from the Wisconsin Lottery Commission.
Why Is a Surety Bond Required?
How Do They Work?
A Wisconsin lottery bond forms a legally binding contract among the obligee, the principal, and a third party known as the “surety.” This is the party guaranteeing the principal’s payment of all valid claims. However, the legal obligation to pay valid claims belongs entirely to the principal. The surety is indemnified against any legal responsibility for the claim amount.
As the guarantor, the surety will pay a legitimate claim initially to be reimbursed subsequently by the principal. The surety can take legal action against the principal to recover the funds if not reimbursed within the period of time allowed.
What Are the Steps in the Licensing Process?
You’ll need to download and complete a mail-in lottery retailer application packet. Every owner listed on the application must complete a Personal Data form, which includes consenting to a criminal records check and a credit check. The spouse of a sole proprietor or partner must also complete the section of the Personal Data form authorizing a credit check. Include a check or money order to pay the $75 application fee and return the entire packet to the address provided.
If the Wisconsin Lottery Commission has any concerns about your level of financial responsibility, you may be required to provide a lottery agent bond in an amount determined by the Commission.
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What Do They Cost?
Two factors go into the determination of the annual premium for a Wisconsin lottery bond: the required bond amount established by the obligee and the premium rate set by the surety on a case-by-case basis. The premium rate is the result of an underwriting assessment of the risk that the principal might not repay the surety for claims paid on the principal’s behalf. The primary measure of that risk is the principal’s personal credit score.
The higher the credit score, the lower the risk level and vice versa. The average premium rate for a bond applicant with good credit is between one and two percent. Those with lesser credit are perceived as a greater risk to the surety and are assigned a higher premium rate.
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How Do Wisconsin Lottery Bonds Work?
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