Ohio lottery retailers are regulated by the the Ohio Lottery Commission.
As one of the conditions for being licensed, an Ohio lottery retailer must file a surety bond with the Commission.
As a lottery retailer, your business is customer and consumer driven and focused.
The purpose of your lottery retailer bond similarly has the public’s benefit in mind.
The surety bond, therefore, protects the consumer from any acts of theft, fraud, embezzlement, and other criminal acts that a retailer may commit against consumers or the Commission.
The bond allows those who can credibly demonstrate financial harm to file against the bond to recoup any loss up to the bond’s amount (in total, not per person).
But the bond is not an insurance policy. And should a claim be paid on your bond, it is your legal liability to reimburse the surety in full for all costs involved in the settlement of that claim.
According to the Commission, you will most likely be required to obtain a $15,000 surety bond; however, the Commission reserves to itself the right mandate a higher surety bond amount.
Higher amounts will be determined based on the volume of your lottery sales.
Ohio Lottery Retailer Bond: Its Price and Duration
The amount for your Ohio lottery retailer bond will be a small percentage of the bond’s overall amount..
Typically, a person with good credit who requires a $15,000 surety bond may pay as little as $300 annually.
However, the amount that any individual applicant will be asked to pay will be determined by an application and a credit check. Therefore, the amount may vary somewhat.
Once purchased, your lottery retailer bond is active for one year from its effective date.
The lottery bond renews annually and must be kept active as a condition of being able to offer lottery tickets to the public.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Ohio.
We also provide surety bonds nationwide.
We look forward to working with you for your bond (the process is not long) and we thank you for your consideration.
Please contact our agency today at: