Requiring lottery retailers to furnish a surety bond protects the Virginia Lottery and the public against financial loss stemming from their unlawful or unethical actions, such as misappropriating lottery funds. In mandating the purchase of a lottery bond, the Virginia Lottery (the bond’s obligee”) not only requires the lottery retailer (the bond’s “principal”) to abide by Commonwealth law and all lottery regulations but also ensures funds will be available for compensating those who experience monetary damages caused by the principal.
How to Get a Lottery Retailer License in Virginia
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 Virginia. 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?
The Virginia Lottery Licensing Department issues Virginia lottery retailer licenses.
Why Is a Surety Bond Required?
How Do They Work?
A Virginia lottery bond is a legally binding contract between the obligee, the principal, and a third party known as the “surety.” The surety is the bond’s guarantor, specifically guaranteeing the payment of claims by the bond’s principal. Although the principal is legally obligated to pay valid claims, the surety typically honors that guarantee by paying a claim initially and then being repaid by the principal. Not repaying the surety for claims paid on the principal’s behalf can result in the surety taking legal action against the surety to recover the funds.
What Are the Steps in the Licensing Process?
If you visit the Virginia lottery website you will find a link to DocuSign. In DocuSign, you can either submit an online application or download one you can print and fill out by hand. You’ll also find an application checklist and instructions for completing the application and gathering the necessary information and documents.
Your signed application authorizes the Virginia Lottery to run a credit check, criminal records check, and a check of your Virginia tax records. Once your application is approved, you’ll hear from your local Lottery Customer Service Center regarding the remaining steps in the licensing process. One of those steps is to obtain a Virginia lottery agent bond in an amount that will be determined based on your financial situation and anticipated lottery sales volume.
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What Do They Cost?
Virginia lottery bonds are purchased for an annual premium that is a small percentage of the required bond amount. That percentage—the premium rate—is the result of an underwriting process that assesses the risk of the surety not being repaid for claims paid on the principal’s behalf. The primary factor in that assessment is the principal’s personal credit score.
The premium rate could be as low as 1% for a principal with a high credit score, which is a sign that the risk to the surety is low. Someone with a lower credit score is considered to present a higher risk, and the premium rate will also be higher.
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How Do Virginia Lottery Bonds Work?
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Submit a Quick Application
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