The lottery statute pertaining to bonding describes it as “necessary to secure payment of lottery proceeds.” In purchasing a lottery bond, the retailer (known as the bond’s principal) is pledging to conduct lottery business in full compliance with applicable laws and lottery rules, which helps deter conduct that could cause financial harm to the Florida Lottery Commission (referred to as the bond’s “obligee” or the public). But if a violation does occur, the bond also obligates the principal to compensate injured parties with valid claims for monetary damages.
How to Get a Lottery Retailer License in Florida
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 Florida. 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?
Before you can start selling lottery tickets in the state of Florida, you must obtain a license from the Florida Lottery Commission.
Why Is a Surety Bond Required?
How Do They Work?
The third party to the legally binding surety bond contract is the surety guaranteeing the principal’s payment of valid claims. The surety will first investigate any claim filed against the bond to determine its validity and may try to negotiate a settlement.
If no settlement is agreed upon, the surety will pay a legitimate claim initially, which is essentially a loan to the principal—a loan that the principal is legally obligated to pay. Not repaying that debt can result in the surety taking legal action against the principal to recover the funds.
What Are the Steps in the Licensing Process?
Although the license application is available online, you can only submit it by contacting the nearest Lottery District Office and working with a sales representative. You will need to provide some supporting documents, such as written permission from the landlord for the installation of the necessary communications equipment, if your business location is leased. And at some point, your retail establishment must be inspected by a lottery representative to ensure ADA (Americans with Disabilities Act) compliance.
Your signature on the completed application authorizes the Florida Lottery to conduct a background check to determine whether there are any reasons you should not be granted a lottery retailer license. It is possible that you will be required to furnish a Florida lottery agent bond as a condition of licensing if there are any concerns about your level of financial responsibility. If that is the case, the Lottery Commission will inform you of the required bond amount.
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What Do They Cost?
Florida lottery bonds are sold for an annual premium that is determined by multiplying two numbers: the required bond amount established by the obligee and the premium rate set by the surety. The underwriters are primarily concerned about the risk of the surety not being repaid for claims initially paid on the principal’s behalf. Their assessment of that risk relies heavily on the principal’s personal credit score.
A high credit score is regarded as a sign of a low risk level, which earns the principal a low premium rate, potentially even lower than 1%. A low credit score, on the other hand, suggests a higher risk to the surety, which warrants a higher premium rate.
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How Do Florida 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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As an independent agency, we can leverage our carrier network to find the most competitive rates for the bonds you need.
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We work to get you bonded as quickly as possible, often in 24 hours or less.
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