How to Get a Lottery Retailer License in Ohio

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 Ohio. 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 sell lottery tickets in your retail establishment in the state of Ohio, you will have to obtain a lottery retailer license from the Ohio Lottery Commission.

What Are the Steps in the Licensing Process?

You can complete and submit your license application online. It will then be sent to the regional lottery salesperson serving your area, who will meet with you to go over the next steps. These include background checks, training to be completed, and an inspection of your retail location.

Once your license application has been approved, you will need to provide a $15,000 Ohio lottery bond.

Why Is a Surety Bond Required?

When you purchase an Ohio lottery bond, you are entering into a legally binding contract that obligates you, as the bond’s “principal,” to comply with Title 37, Chapter 3770 of the Ohio Revised Code. Any violation that causes financial harm to the Ohio Lottery Commission (the “obligee” requiring the bond) or to the public can result in a claim for damages by the injured party.

How Do They Work?

The surety bond agreement for an Ohio lottery bond establishes a legally binding contract among the bond’s obligee, its principal, and a “surety”—the party guaranteeing the bond. The principal is legally obligated to pay all valid claims, but the surety guarantees that they will be paid.

Because of that guarantee, the surety will pay a valid claim initially, to resolve the matter quickly. But in making that payment, the surety is lending the funds to the principal. The principal’s legal obligation now is to repay that debt to the surety. The surety will take legal action if the principal does not repay the debt in full.

What Do They Cost?

The annual premium for an Ohio lottery bond is the product of multiplying the $15,000 bond amount by the premium rate assigned by the surety. How high the premium rate will be depends largely on the underwriters’ risk assessment, specifically the risk of the surety not being repaid for claims paid on the principal’s behalf.

The risk assessment gives the most weight to the principal’s personal credit score. A high credit score means the risk is likely to be low, so the premium rate will also be low. On the other hand, a low credit score is taken as a sign of higher risk, which results in a higher premium rate.

In most cases, a principal with good credit will pay a premium rate in the range of one to three percent.

 

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 Ohio. If you have additional questions or want to explore bonding solutions for your business, speak with one of our knowledgeable surety bond experts.

 

CONTACT US FOR A

OHIO LOTTERY BOND QUOTE

Who Licenses Lottery Retailers?

If you want to sell lottery tickets in your retail establishment in the state of Ohio, you will have to obtain a lottery retailer license from the Ohio Lottery Commission.

You can complete and submit your license application online. It will then be sent to the regional lottery salesperson serving your area, who will meet with you to go over the next steps. These include background checks, training to be completed, and an inspection of your retail location.

Once your license application has been approved, you will need to provide a $15,000 Ohio lottery bond.

When you purchase an Ohio lottery bond, you are entering into a legally binding contract that obligates you, as the bond’s “principal,” to comply with Title 37, Chapter 3770 of the Ohio Revised Code. Any violation that causes financial harm to the Ohio Lottery Commission (the “obligee” requiring the bond) or to the public can result in a claim for damages by the injured party.

The surety bond agreement for an Ohio lottery bond establishes a legally binding contract among the bond’s obligee, its principal, and a “surety”—the party guaranteeing the bond. The principal is legally obligated to pay all valid claims, but the surety guarantees that they will be paid.

Because of that guarantee, the surety will pay a valid claim initially, to resolve the matter quickly. But in making that payment, the surety is lending the funds to the principal. The principal’s legal obligation now is to repay that debt to the surety. The surety will take legal action if the principal does not repay the debt in full.

 

The annual premium for an Ohio lottery bond is the product of multiplying the $15,000 bond amount by the premium rate assigned by the surety. How high the premium rate will be depends largely on the underwriters’ risk assessment, specifically the risk of the surety not being repaid for claims paid on the principal’s behalf.

The risk assessment gives the most weight to the principal’s personal credit score. A high credit score means the risk is likely to be low, so the premium rate will also be low. On the other hand, a low credit score is taken as a sign of higher risk, which results in a higher premium rate.

In most cases, a principal with good credit will pay a premium rate in the range of one to three percent.

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Request a quote online or call today to speak with one of our surety bond experts about obtaining an Ohio lottery bond.