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How much does a Connecticut lottery agent bond cost?
Lottery retailers in Connecticut must post a surety bond prior to conducting business within the state. The required bond amount is set by the Connecticut Lottery, and applicants must verify their required bond amount prior to bonding.
These bonds are subject to underwriting consideration, so the price you’ll pay depends not only your required bond amount, but also on your personal credit report. Bad credit? No problem! We offer an exclusive bad credit bonding program through which we approve 99% of all applicants for the bonds they need quickly, easily, and accurately. Request your free bond quote now!
Getting bonded is easy when you work with the experts at SuretyBonds.com! Call 1 (800) 308-4358 or click here to fill out an online bond request form now.
The benefits of a Connecticut lottery agent bond
By posting a Connecticut lottery retailer bond, principals (lottery sales agents) pledge to conduct business in accordance with the laws of the state, including making timely payments of all lottery sales obligations. Prohibited acts include:
- selling lottery tickets or paying lottery prizes to any person under the age of 18 years
- selling or reselling a lottery ticket for more than the retail sales price
- engaging exclusively in the business of selling lottery tickets or shares solely for entertainment
- accepting forms of payment other than cash, check, debit cards, or authorized coupons for the purchase of lottery cards
- not maintaining ticket inventory
- not immediately notifying the Connecticut Lottery upon the theft, loss, or destruction of or damage to any tickets in the retailer’s possession
- selling tickets and products at locations not specified in the contract
If the principal fails to conduct business ethically and lawfully, the bond protects harmed parties from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
How long is a Connecticut lotto agent bond valid?
Lottery sales agent payment bonds in Connecticut remain in full force and effect until canceled. To cancel the bond, the surety must give written notice to the Connecticut Lottery Corporation via certified mail at least 60 days prior the effective cancellation date.
Applicants must include a list of location(s) where lottery business will be conducted on the Schedule A form attached to the surety bond contract.
How to become a lottery sales agent in Connecticut
To become a lottery sales agent in Connecticut, applicants must:
- Complete the application:
Your business must be registered with the Connecticut Secretary of State if it is an LLC, LLP, or corporation.
Complete the Retailer Contract within.
Submit the attached W-9 with your taxpayer ID number.
Include a Tax Certification Form, signed by the tax collector as well.
Submit needed information for each owner or officer noted, such as authorizations for credit reports and copies of photo IDs.
Provide a business lease if available.
- Allow the Connecticut Lottery to:
Conduct a criminal background and tax check through DCP.
Conduct a marketing and sales survey.
- Set up a separate account for Lottery-related activity and authorize auto-pay and wire transfers.
- Check that your business meets the electrical requirements.
If you have additional questions about the licensing process, contact the Connecticut Licensing Department by calling 1 (800) 842-5688 and pressing “3.”