A lottery agent bond requires a licensed lottery retailer (the bond’s “principal”) to operate in full compliance with all state laws and Lottery regulations. Any unlawful or unethical actions (such as misappropriating Lottery funds or failing to remit sales proceeds to OLC), that causes financial harm to the state gives the obligee the right to file a claim against the retailer’s bond to recover monetary damages.
How to Become a Lottery Retailer in Oklahoma
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 Oklahoma. 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?
To sell Oklahoma lottery tickets in your retail establishment you will need to be licensed by the Oklahoma Lottery as a lottery retailer.
Why Is a Surety Bond Required?
How Do They Work?
In addition to the obligee and the principal, there is a third party to a lottery retailer bond—the “surety” underwriting and guaranteeing the bond. The surety bond agreement is legally binding on all three parties.
While the principal bears the full legal obligation to pay all valid claims against a lottery retailer bond, the surety has guaranteed that valid claims will be paid. Consequently, after investigating to make sure that a claim is valid, the surety typically will pay it on behalf of the principal, drawing against a line of credit set up for the principal at the time the bond was purchased. The payment made to the claimant is, in effect, a loan to the principal. Therefore, it must be repaid or the surety will take legal action to recover the claim amount plus court costs and legal fees.
What Are the Steps in the Licensing Process?
From the Oklahoma Lottery website you can access both an online application and a downloadable application guide explaining how to complete the required forms. The forms can be filled in and submitted online, but you must first create an application account with an email address and password. After submitting your application, you can track the progress of your application through the review process by logging in to your account.
One of the items you will check off in completing the application is a consent to any background checks the Oklahoma Lottery conducts during the review of your fitness to operate as a lottery retailer in the state.
A portion of the license fee pays a retailer’s premium for coverage under a blanket surety bond. Additionally, the Oklahoma Lottery Commission (OLC) has the right to require a surety bond from individual lottery retailers who fall short of the Commission’s financial responsibility standards. In such cases, the amount of the bond will be established on a case-by-case basis by OLC (the “obligee” requiring the bond).
Once your application is approved you will receive an email containing your Certificate of Authority, which is your lottery retailer license.
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What Do They Cost?
Oklahoma lottery bonds go through an underwriting process that determines how much risk the principal presents to the surety, in terms of incurring claims and of failing to repay the surety as required. That determination is made largely on the basis of the principal’s financial stability and creditworthiness.
A high personal credit score is taken as a sign of low risk to the surety, which results in a low premium rate, perhaps 1% or even less. A principal who is less financially stable and has a lower personal credit score is considered a higher risk and will pay a higher premium rate.
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