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Lottery Bond Information
Lottery bonds are required for individuals or businesses that sell lottery tickets and/or use lottery equipment for commercial purposes. These bonds are primarily used to protect a state in the event that a lottery seller mishandles lottery funds or tampers with lottery equipment. In addition, these bonds also protect the users by ensuring that the lottery handlers adhere to industry regulations. This makes sure that lottery businesses remain true and fair at all times for everyone.
The amount of return from a given bond is predicated on the outcome of a lottery rather than the performance of an underlying asset. The potential return in this case is usually higher than that of conventional bonds.
The prices of lottery bonds are determined by the state lottery. There are not any different types of lottery bonds, but each state requires different bond amounts. It is important for those looking to purchase a lottery bond to contact their state office to inquire about requirements beforehand.
Lottery bonds do not protect lottery machines. They are a form of credit to the owner. They should be considered as a form of insurance for public scams or fraud against the state lottery.
Some states will allow businesses to sell lottery tickets without the need for a bond. For this reason, it is also important to make sure to contact your state office to find out if a bond is needed in order to sell lottery tickets.
Get Your Lottery Bond Nationwide in No Time
Did you know that in most states, any organization that sells lottery tickets or have lottery machines must have a lottery bond to do so? This type of surety bond helps regulate the lottery industry, where many consumers can be shortchanged and ensure that payments and rewards are provided as promised.
Without a lottery bond, you’re liable not only because you didn’t meet state requirements but also because you’re more likely to deal with consumer claims that can damage your business. Whether you’re obligated by law to get a lottery bond or not, having one will make your organization reputable in your consumers’ eyes.
Get your lottery initiative off the ground with lottery bonds that our insurance agents can help you get. With premiums as low as possible based on your specific case and a streamlined bond process, SuretyEZ is your premium choice for performance bonds nationwide.