Florida retail lottery surety bonds are utilized for lottery sales agents in retail locations. When a retail business wants to provide lottery tickets and sales, they’ll need to go through all of the appropriate steps to become approved, and fulfill any requirements set by the state.
In this quick guide, we’ll help you fill in all of the details. Get started below and learn everything you need on Florida surety bonds for lotto sales.
Why Do You Need Florida Surety Bonds for Lotto Sales?
In some cases, you don’t actually need a surety bond to become a lottery retailer in Florida. This will depend on the background investigation and your application (see below).
However, in the event that it is required, a retail lotto sales surety bond is used to ensure that you pay your obligations to the state, and to pay them in full, and promptly on time. It also ensures there is no misuse or manipulation of the lottery machinery, tickets and sales.
The amount and cost of the lotto sales bond you need to obtain will depend on your specific circumstances.
How to Become a Lottery Retailer in Florida
Beginning your journey to become a lottery retailer in Florida really isn’t very difficult. You need to fill out an application and pay the fee which goes with that. You then need to submit to a background investigation, which includes financial status and records of your company, as well as criminal history.
If approved, you receive a lottery retail contract, which is good for a four year term in Florida. Your financial standing and perceived risk will factor into whether or not you are required to obtain a bond, and what the coverage level will be.
Benefits of Becoming a Lotto Retailer in Florida
So why should you obtain your contract to become a lottery retail sales agent? It’s about the commissions, of course.
The Florida lottery provides a 5% commission to the retail location for all sales. In addition, when you cash out a winning ticket, with a limit of $600 in winnings, you receive 1% of that total as well.
Because the lottery is so popular, becoming a retail sales location also brings in more traffic to the store, which helps you sell the rest of your products and stay busy as well.
At ACI Insurance, we have more than a decade of experience providing surety bonds in Florida for all types of business. This includes Florida surety bonds for lotto sales, and we’ll be able to get you approved and help you receive a great rate in no time at all.
Call John at 407.889.2612 or fill out the form on the side of the page, and we’ll get you started with your Florida retail lottery surety bond.