The State of Virginia Requires lottery retailers to post the Virginia Lottery Bond. The amount of the bond varies. According to the Virginia Administrative Code, the bond shall be in an amount deemed necessary by the Commonwealth. It may be based on the average volume of lottery ticket sales.
What is the purpose of a Virginia Lottery Bond?
Virginia Lottery Bond ensures that the money is handled properly and ethically. State laws require the lottery bond to protect the state if the lottery seller tampers with lottery equipment, mishandles lottery funds, or misappropriates lottery funds.
While the Virginia Lottery Bond protects the state against theft or misappropriation of funds, it also helps protect the consumers by ensuring that the business is lawful and upholds certain standards when dealing with lottery funds. This bond also ensures that lotteries remain a safe, fair, and fun activity for all consumers. Unlike insurance, the bond is in place to protect the public from you. If there is a claim placed on your bond and you are found at fault the surety company will issue a payout, however, you will have to pay them back.
How do I obtain a Virginia Lottery Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.