Businesses interested in offering lottery in the Commonwealth of Virgnia are required to obtain a retail lottery license.
Additionally, as part of the licensing process, a surety bond must be furnished and provided to the Virginia Lottery Board.
AmeriPro Surety Bonds offers your business the Virginia lottery retailer bond. Our agency offers this surety bond for both first time applicants and those who need to renew an expiring surety bond.
According to the Virginia Administrative Code, 11VACS5-31-50, the amount of the Virginia lottery retailer bond required is not specified.
That a surety bond is required, however, is certain. The amount will be, according to the Code, in a sum that is judged necessary to “...secure the interests of the Commonwealth and the agency...”
Our agency will be able to facilitate the amount of surety bond you require. Ideally, for underwriting purposes (this refers to the process of issuing your surety bond and determining the pricing) anything written that your have received from the Board should be provided to us.
The premium for the Virginia lottery retailer bond will be determined by the following factors:
Since no specific surety bond amount is given by the Commission, as a broad general rule, well-qualified applicants may pay about 1%-3% annually of the bond’s amount in premium.
The Virginia retail lottery surety bond, once issued, is active for a period of one year from the date of issuance; thereafter, the bond must be renewed.
Options may be available to prepay this surety bond for several years, thereby offering a savings over year-over-year premium renewal.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court and fiduciary surety bonds throughout Virginia. Our agency also provides surety bonds nationwide.
Please call our agency today at:
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