Florida Surety Bonds for Lottery Sales & Other Important Information
Are you interested in learning how to become a lottery retailer in Florida? Then you’ve come to the right place! At ACI Insurance, we have a wide range of experience with surety bonds in Florida for all types of businesses, and this includes retail lotto sales.
More important than simply providing you with Florida surety bonds for lotto sales though, we also have the knowledge and insight you need to move smoothly through the entire process. We know the ins and outs, and step by step to-do’s that you’ll need to follow in terms of your lottery retailer application in Florida, and all the other requirements as well.
First, anybody interested in becoming a lottery retailer in Florida needs to submit an application. This application generally costs $100, plus $25 for each additional location in the event of chains and franchises.
As part of your application, you will need to undergo and submit to a background investigation. This does include a criminal history check, but also the credit and financial status of your business. If you pass this background check, then you will be able to obtain your retailer contract and certificate of authority for retail lotto sales in Florida. This contract will last for four years, and can be renewed from that point on.
Florida surety bonds for lotto sales are only required in the event that the background investigation determines that it is necessary to secure the payment of the lottery proceeds. However, if there are delinquencies in payments or other issues, additional bonds may be required in the future.
The exact amount of the bond you need and its cost to you are generally determined on a case by case basis.
After you become a lottery retailer in Florida, you’re eligible to receive a 5% commission on the sales of each lottery ticket. You also receive 1% commission when you cash a winning ticket from a customer. There is a limit of $600 for the size of a winning ticket which can be cashed on-site at a retailer.
For more information, you can view the complete document provided by the Florida Lottery here (PDF). It’s about 13 pages long with a dozen or so sections, and breaks all of these points down into much greater detail.
When you’re ready to get started and become a lottery retailer in Florida, then be sure to get in touch with ACI Insurance by calling 407.889.2612. We’ll provide you with a free quote, and do everything we can to assist you with your lottery retailer application in Florida.
We aim to provide a smooth, successful and hassle-free experience for all of our clients, and we have the expertise and resources you need to get the Florida retail lottery surety bond coverage you need.