The Florida Lottery Commission requires the Florida Lottery Surety Bond. The bond is required for any person or entity who applies to become a Florida Lottery retailer. The bond is also required for any lottery vendor who enters into a procurement contract with the Florida Lottery Commission that exceeds $25,000. The purpose of the bond is to protect the Florida Lottery Commission and its customers from financial losses if the retailer or vendor fails to comply with the terms of their contracts. For example, if a retailer fails to remit lottery proceeds to the Florida Lottery Commission, the Commission can file a claim against the bond to recover their losses.
The amount of the bond required depends on the type of license being applied for and the estimated amount of lottery sales. For lottery retailers, the bond amount is typically twice the average monthly estimated lottery ticket sales during a remittance period. For lottery vendors, the bond amount is typically 10% of the total contract value.
To apply for a Florida Lottery seller license, you must:
- Be at least 18 years old.
- Be a citizen or legal resident of the United States.
- Have a valid Florida driver’s license or identification card.
- Have a good moral character.
- Have a business location that is approved by the Florida Lottery.
To apply for a license, you must complete a Florida Lottery Retailer Application and submit it to the Florida Lottery Commission. You must also submit a Florida Lottery Surety Bond and a fee of $100. The Florida Lottery Commission will review your application and conduct a background investigation. If your application is approved, you will receive a Florida Lottery seller license.
Here are some additional tips for applying for a Florida Lottery seller license:
- Make sure that your business location meets the requirements of the Florida Lottery Commission. You can find more information about these requirements on the Florida Lottery website.
- Be prepared to provide the Florida Lottery Commission with all of the required documentation, including a completed application, a Florida Lottery Surety Bond, and a fee.
- Be patient. The application process can take several weeks.
If you have any questions about the application process, you can contact the Florida Lottery Commission for assistance.
How to Obtain a Florida Lottery Surety Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Surety Bond will be shipped to the bond applicant.
1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
2 -Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.