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 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.
Contact Us for a Free Lottery Bond Quote
It’s easy with our simple 3-step process:
- Apply Online
- Get Quote
- Receive Bond
who we work with
Our Insurance Company Partners Nationwide
about bond type
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.
Why Is a Surety Bond Required?
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 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.
costs
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.
location search
Choose Bond by States
We proudly serve all 50 states, offering a full range of surety bonds. To buy surety bonds online:
- Choose your state
- Choose the bond type you need
- Apply online to request a free quote
There’s no obligation, and we can often help you get bonded in 24 hours or less.
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
District Of Columbia
West Virginia
Wisconsin
Wyoming
Ohio
step by step guide
How Do Ohio Lottery Bonds Work?
-
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.
-
Submit a Quick Application
Complete a short online form. It only takes a few minutes, with no extra paperwork or long verification steps.
-
Get Approved & Receive Your Bond
Get fast approval and receive your bond instantly by email. Your document is ready to use right away.
main reasons
Why Work With Us?
Easy Application Process
Simply fill out our convenient online application form to get started.
Extensive Carrier Network
We work with a wide range of carriers to provide many options to our clients.
Competitive Rates
As an independent agency, we can leverage our carrier network to find the most competitive rates for the bonds you need.
Quick Turnarounds
We work to get you bonded as quickly as possible, often in 24 hours or less.
Exceptional Service
Our experienced surety bond agents provide personalized assistance to help you understand your bonding requirements and options.
Testimonials
What our customers say about us
Request a Quote
Request an online quote today! Or speak with one of our knowledgeable surety bond agents about the commercial bonds you are interested in.