Lottery retailer’s bond cost
The Georgia Lottery Corporation requires lottery retailers to post surety bonds in order to become affiliated with the state lottery. Because these bond amounts vary, applicants must verify their required coverage amount with the state prior to bonding.
These bonds are subject to underwriting, so the price you’ll pay is determined by a review of your personal credit report and the amount of the bond. Don’t let less-than-stellar credit stop you from getting the bond you need! Surety Bonds offers an exclusive bad credit bonding program through which we can approve 99% of all applicants.
Why this bond
By posting a Georgia lottery bond, principals (lottery retailers) pledge to comply with all terms of the Georgia Lottery Corporation retailer contract and all rules and regulations established by the Georgia Lottery Commission. Acts that the surety bond prohibits include, but are not limited to:
- Selling lottery tickets or paying a lottery prize to any person under the age of 18 years old
- Selling or re-selling a lottery ticket for more than the formally established retail sales price
- Engaging exclusively in the business of selling lottery tickets or shares solely for entertainment
- Not filing the applicable tax returns to the state of Georgia
If the principal fails to comply with the terms set by the bond, the state is protected from any resulting financial losses up to the full amount of the bond. In the event that a claim is filed, the surety will pay to settle the claim. After the claim is settled, the retailer must reimburse the surety for all damages paid out.
Lottery retailer’s bond details
Lottery bonds in Georgia remain in full force and effect until released by the Georgia Lottery Corporation or canceled by the principal or the surety. The retailer or surety can cancel the bond by giving written notice of cancellation via certified mail to the Georgia Lottery Commission in Atlanta,Georgia, no less than 60 days prior to the effective date of termination.
Regardless of the number of years the bond remains in full effect, the aggregate liability of the surety can never exceed the penal sum of the bond.
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