Maryland Lottery Retailer Bond |
AmeriPro Surety Bonds | 844-589-9732
Lottery Retailers – Maryland
Maryland private businesses which offer lottery tickets are regulated by the state’s lottery Commission.
As an applicant for the sales of lottery tickets, a surety bond may be required by the state’s Director.
Maryland Lottery Retailer Bond: Amount of Surety Bond Required and Qualifying
By statute, there is no specific amount or formula for the Maryland lottery retailer bond. According to state law, the Director will inform you of the surety bond amount required.
For purposes of securing your surety bond, that will be enough. We will need you to inform us of the amount required for underwriting your bond.
Qualifying for the lottery surety bond will be accomplished by means of the following:
- Determining and providing us with the amount of surety required;
- Completion of a standard surety bond application (this will take a few minutes);
- Submission to a credit inquiry. (Our agency uses a ‘soft inquiry’. This inquiry will not adversely affect your credit score).
Its Cost and Duration
For well-qualified applicants, the cost of the Maryland lottery retailer bond will typically be between 1-1.5% of the bond’s amount. However, amounts may vary. Variables which will determine the pricing for this bond include information provided on the application and credit scores.
Once issued, the bond is active for a year from the date of issuance. In some cases, options may exist to prepay your lottery bond for 2 or 3 years. Doing so offers a savings over year to year renewal of the bond premium.
The Purpose of the Bond
The purpose of your lottery retailer bond is to serve as a financial guarantee that you will be in compliance with all regulations governing the sales of lottery tickets.
The bond protects consumers and the state of Maryland from any acts of malfeasance or misfeasance involved in selling tickets, and protects these same from the results of any harm.
As principal of this surety bond, you must indemnify the surety for any costs related to payment of any claims against your bond.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary bonds throughout Maryland.
Our agency also provides surety bonds nationwide.
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