Ohio Lottery Sales Retailer Bond Overview
- Purpose: To ensure the legal sale of lottery tickets
- Who Needs It: All businesses selling lottery tickets in Ohio
- Regulating Body: The Ohio Lottery Commission
- Bond Amount: $15,000 for most retailers, varies based on sales volume
- Minimum Price: $150; credit-based
What Is an Ohio Lottery Sales Retailer Bond?
An Ohio lottery retailer bond is a financial guarantee that you will comply with Lottery Commission’s rules. This includes:
- Making prompt payments to the Ohio Lottery Commission
- Properly handling lottery tickets and sales
- Meeting the business location requirements
Who Needs a Lottery Bond?
In Ohio, a lottery retailer refers to any entity that is authorized to sell and distribute lottery products. Many existing store owners choose to become lottery retailers to boost commission and store traffic.
Most retailers need a $15,000 bond, but you may need to increase the coverage based on your lottery sales. Make sure you verify your bond requirement with the Lottery Commission each year.
How Much Do Lottery Sales Retailer Bonds Cost in Ohio?
The standard $15,000 lottery retailer bond starts at $150 for qualified applicants. However, your exact rate will depend on two things: the bond amount you need and your personal financials.
Underwriters will do a soft credit pull to determine your personalized quote. Most lottery retailers pay a premium of 1–10% of their total bond amount. Apply in minutes today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does an Ohio Lottery Retailer Bond Work?
A lottery bond creates a legal and financial contract between three parties: the bond principal, obligee and surety.
As the principal, you must follow all the terms of your lottery retailer license. If you break laws or rules, you become liable for bond claims.
The state or harmed customers can file claims up to the full bond amount. The surety will validate and pay claims. Then, you will need to repay the surety.
How Do I Get a Lottery Sales Retailer Bond in Ohio?
To get your Ohio lottery bond, follow these steps:
- Submit a quote request form
- Receive your quote within one business day or less
- Sign documents and pay for the bond
You’ll get an email with the official bond form. Be sure to file this with the Ohio Lottery Commission along with your license application or renewal.
How Fast Can I Get My Bond?
Typically, you can get a same-day quote Monday through Friday with SuretyBonds.com. We issue bonds faster than any other provider.
How Do I Renew My Bond?
You’ll need to maintain an active bond for as long as you are a licensed lottery retailer in Ohio. To renew, pay your renewal invoice when prompted.
Then, the surety company will send you a continuation certificate. Submit this to the Ohio Lottery Commission as proof that your bond is still active.
The surety can cancel the bond by providing 30-days written notice to the Lottery Commission.
Can I Make Changes to My Bond Form?
Typically, you cannot change a bond form once it is active. However, sometimes we can make small changes, like a business name or address, by issuing a bond rider. This is a document that “rides” on top of the bond form to amend it.
If you are a current customer, email [email protected] with your bond update request.
How to Become a Lottery Retailer in Ohio
To become a licensed lottery retail agent in Ohio, you can apply online. You’ll need the following information:
- Name of corporation and DBA, if applicable
- Street and mailing address and business phone number
- Liquor permit number, if applicable
- Full name, title, address, SSN and other identifying information of principals and officers
- Store hours
- Notarized signature
- Completed Lottery Electronic Fund Transfer (EFT) system form
- Criminal background check performed at an Ohio Lottery location
- Surety bond in the required amount
The full application process typically takes about four to six weeks.
