A Wyoming lottery bond obligates a licensed lottery retailer (the “principal” purchasing the bond) to conduct lottery operations in full compliance with all applicable Wyoming laws and lottery regulations. Any violation that harms the obligee or a member of the public can result in a claim for damages being filed against the principal’s bond. The principal is legally obligated to pay all valid claims.
How to Get a Lottery Retailer License in Wyoming
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 Wyoming. 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?
Wyoming lottery retailers are licensed by the Wyoming Lottery Corporation. From the WyoLotto website, you can apply online or download an application to complete and return by mail.
Why Is a Surety Bond Required?
How Do They Work?
There is a third party to the surety bond agreement, which is legally binding on all three of them: the obligee, the principal, and the “surety” guaranteeing the principal’s payment of valid claims. That guarantee is in the form of a guaranteed extension of credit to the principal if the principal doesn’t have duns readily available to pay a claim the surety deems valid.
The usual practice is for the surety to pay a valid claim initially, which is essentially a loan to the principal. The principal must subsequently repay that debt to the surety. Failing to repay the debt can result in the surety taking legal action against the principal to recover the amount advanced to the principal to pay the claim.
What Are the Steps in the Licensing Process?
By signing and submitting your application for a lottery retailer license you are authorizing the Wyoming Lottery Corporation to conduct background checks into your credit, finances, and any criminal history. After reviewing your application and background check results, you may be required to purchase a Wyoming lottery bond. The Lottery Corporation (the “obligee” requiring the bond) will determine the required bond amount.
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What Do They Cost?
The annual premium for a Wyoming lottery bond is determined by multiplying the bond amount required by the obligee by the premium rate the surety assigns to the principal through underwriting. The premium rate is determined through an underwriting assessment of the risk that the surety might not be repaid for claims paid on the principal’s behalf. The best measure of that risk is the principal’s personal credit score.
There is an inverse relationship between the principal’s credit score and the risk of nonrepayment of the surety. A high credit score is correlated with low risk and a low credit score with higher risk. The lower the risk the lower the premium rate, perhaps as low as 1% for a principal with great credit and a high personal credit score.
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How Do Wyoming Lottery Bonds Work?
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Choose Your Bond Type
Select the bond you need — commercial, contract, or any specialized bond. We help you find exactly what is required in your state.
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Submit a Quick Application
Complete a short online form. It only takes a few minutes, with no extra paperwork or long verification steps.
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