A lottery bond typically is required from license applicants who do not meet the Lottery’s standards for financial responsibility. The Nebraska Lottery is referred to as the bond’s “obligee”—the party requiring the bond. The bond helps ensure that a licensed lottery retailer (the “principal” required to purchase the bond) abides by all lottery statutes and regulations. A violation that causes the obligee or the public to incur monetary damages gives the injured party the right to file a claim and be compensated for their loss.
How to Get a Lottery Retailer License in Nebraska
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 Nebraska. 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?
If you want to be able to sell lottery tickets in your retail store, you’ll need to be licensed by the Lottery Division of the Nebraska Department of Revenue.
Why Is a Surety Bond Required?
How Do They Work?
A Nebraska lottery bond is legally binding on the three parties to the surety bond agreement—the obligee, the principal, and the “surety,” the party guaranteeing that the principal will pay all valid claims. The surety investigates all claims to make sure they are valid before approving them for payment.
The principal is legally obligated to pay all valid claims. But, to honor its guarantee, the surety usually pays a valid claim initially, as a loan to the principal. The principal’s obligation then shifts to repaying the debt now owed to the surety. If not repaid, the surety can take legal action against the principal to recover the claim amount, plus court costs and legal fees.
What Are the Steps in the Licensing Process?
All the forms you will need to submit to the Nebraska Lottery, as well as the instructions for completing them, can be downloaded from the Nebraska Lottery website. By signing the application, you are authorizing the Nebraska Lottery to do a criminal records check and pull a credit history report to aid in their determination of your qualifications to be licensed as a Nebraska lottery retailer. If there are any concerns about your financial standing, you may be required to purchase a surety bond in an amount determined by the Nebraska lottery.
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What Do They Cost?
The annual premium for a Nebraska lottery bond depends on the required bond amount and the premium rate set by the surety through underwriting. Underwriters will assess the risk of the principal not repaying the surety for claims that the surety might end up paying on the principal’s behalf. The principal’s personal credit score plays a big part in that assessment.
A principal with a high credit score has demonstrated financial responsibility and is regarded as a low risk to the surety, which results in a low premium rate (generally one or two percent). The opposite is also true, and someone with a low credit score will be assigned a higher premium rate because of the higher risk to the surety.
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How Do Nebraska 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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