Current Ohio law requires that all lottery vendors post a surety bond before they can legally sell lottery tickets within the state. Ohio HB 386 — which went into effect on July 1, 2012 — added a condition that allows the director of the state lottery to establish a program as an alternative to this lottery bond requirement.
The new program would allow sales agents to secure the financial interests of the lottery through alternative financial guarantees.
As stated in the bill, “a surety bond, dedicated account, other established program or policy, or both any combination of these resources, as applicable, may be used to pay for the lottery sales agent’s failure to make prompt and accurate payments for lottery ticket sales, for missing or stolen lottery tickets, for damage to equipment or materials issued to the lottery sales agent, or to pay for expenses the commission incurs in connection with the lottery sales agent’s license.”
Although this law has been in effect for nearly a year, the director of lottery has yet to establish what financial agreements could be accepted in lieu of a surety bond. Check back with the Surety Bond Insider for updates regarding this bill.
Click here to read Ohio HB 386 in its entirety.
If you need a surety bond in Ohio or any other state, you can speak with a surety specialist by calling 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST.