What is a Lottery Bond?
A Lottery bond may be required by the state government. It acts as an agreement between a lottery retailer and the state, which promises that the lottery retailer will turn over the states portion of the sale of all lottery tickets and earnings. This type of bond is called a Financial Guarantee.
How does a Lottery Bond Work?
A Lottery bond is required for anyone who sells lottery tickets and/or uses lottery equipment that is available to the public. It is put in place to protect the state and consumer, so that the lottery retailer handling the funds and equipment is being honest and ethical by following the state’s rules and regulations. If the lottery retailer is found to be dishonest, fails to follow the laws, or does not pay the lottery commission their monies owed, a claim may be put on the bond. If that occurs, the bond may be terminated and the lottery retailer will no longer be able to process lottery sales within their business until they take corrective action and repay any claims that occur.
How much does a Lottery Bond Cost?
The cost of this type of bond is based on the bond amount required by the state in which the bond is required. These bonds are considered a Financial Guarantee and standard rates are a bit higher than other bonds. The main factor in determining the cost will be the personal credit history of all owners and spouses. Someone with good credit may pay a lesser premium than a person with poor credit. However, just because someone has poor credit does not mean we cannot help you. At Universal Service Agency, we strive to find our clients the best rates with the strongest rated carriers to insure you are getting the best bond coverage available.
How do I get a Lottery Bond?
You can get Lottery bonds by contacting surety bond agents/brokers. Since you’re already here, you can give us a call at 215-646-2400 or Apply Now here.
How to Choose a Bonding Company?
Universal Service Agency offers Surety Service Made Simple. We are the fastest surety only agency in the country, with over 100 years of combined surety experience servicing all 50 states. We exhaust all of our resources to get you the fastest turnaround times and lowest rates. We can help anyone, even clients that may not fit into the standard market. You can get a free quote here or call our bond experts at 215-646-2400.
How long does it take to get a Lottery Bond?
Universal can issue bonds the same day an application is received. The amount of time between application and issuance is affected by a number of factors though, including but not limited to, the size of the obligation, the type of bond, and promptness of the premium payment.
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Universal Service Agency is the fastest “surety only” agency in the country, with over 100 years of combined surety experience servicing all 50 states.