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How much does a $15,000 Ohio lottery retailer bond cost?
A $15,000 Ohio lottery retailer bond costs as little as $150 for highly qualified applicants. However, the exact cost of the bond is subject to underwriting, wherein an underwriter will review the applicant’s credentials. The best way to find out exactly how much you’ll pay is to apply for a free surety bond quote now.
Call 1 (800) 308-4358, or submit an online bond request, to connect with an expert surety specialist who will walk you through our fast and easy bonding process.
What does a lottery retailer mean?
A lottery retailer is any entity that is properly licensed and authorized to sell and distribute lottery products. Many store owners choose to become retailers due to the financial benefits of lottery sales through commissions and increased store traffic. More information on the benefits of becoming a lottery retailer agent are available on the Ohio Lottery website.
Why do I need a lottery sales retailer bond?
The Ohio Lottery Commission requires lottery retailers to post surety bonds in the amount of $15,000 to ensure retailers comply with all laws, rules, policies and regulations pertaining to the licensing of lottery retailers.
If the retailer fails to adhere to all applicable rules and regulations, the bond protects harmed parties up to the full penal sum of the bond. The principal must repay the surety for all damages paid out.
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Terms of a lottery bond
Lottery sales retailer bonds in Ohio remain in full force and effect until otherwise terminated. The surety can cancel the bond at any time by providing written notice to the Lottery Commission. Cancellation becomes effective 30 days after the Commission receives the notice.
The bond is conditioned so that both lottery customers and the Commission can file claims against the retailer in the case of unpaid dues of any kind. Regardless of the number of years the bond is renewed for, no claim can exceed the penal sum of $15,000.
How to become a lottery retailer in Ohio
To become a licensed lottery retail agent in Ohio, applicants must fill out the online application form supplied by the Commission. The following information and materials are also required before an applicant can receive a license:
- Name of corporation and DBA, if applicable
- Street address and office telephone for business (Mailing address, if different from street address)
- Liquor permit number, if applicable
- Full name, title, address, social security number and other identifying information of all principals and officers
- Store hours
- Notarized signature
- Completed Lottery Electronic Fund Transfer (EFT) system form
- Criminal background check performed at one of the Ohio Lottery locations
Cleveland - (216) 787-3311
Columbus - (800) 589-6445
Cincinnati - (800) 589-9882
Toledo - (800) 589-6442
Canton - (800) 589-6467
Most retailers are required to obtain a $15,000 bond, but some may be required to increase the amount of their bond based on the amount lottery sales. Therefore, it is important for applicants to verify the amount of their bond with the Lottery Commission.
In total, the application process typically takes between 4 and 6 weeks.