How much does a lottery bond cost in Tennessee?
The Tennessee lottery retailer surety bond is a credit-based bond, which means the amount you’ll pay for your bond depends on your personal credit report and is subject to underwriting.
The bond amount is determined by the Tennessee Education Lottery Corporation and varies depending on the average sales of lottery tickets in a lottery retailer’s district. The bond amount will never exceed a district’s lottery ticket expense for two billing periods.
Let SuretyBonds.com be your go-to for all your surety bond needs. Fill out our online bond request form to get a free quote within one business day.
Why do I need a lottery bond?
Tennessee lottery retailer surety bonds assure the Tennessee Education Lottery Corporation (TELC) that the principal (lottery retailer) will:
- accurately account for all lottery tickets and revenue
- maintain sufficient sales
- only sell tickets for the price established by the TELC
- faithfully follow and comply with all of the rules and statutes dictated in the Tennessee Education Lottery Implementation Law
- not sell lottery tickets to any underage person
- pay all appropriate state taxes and fees
Have a specific question about this surety bond? Reach out to our experts.
What are the details about lottery retailer bonds?
A Tennessee lottery retailer surety bond is valid for one year after the effective date. Continuation certificates can be issued if the lottery retailer wishes to continue selling lottery tickets.
If the bond is to be canceled, the surety must give the state at least 30 days' notice.
How to become a lottery retailer in Tennessee
If you want to become a lottery retailer in Tennessee, you must:
- Complete a background check.
- Complete the Lottery Retailer Application Packet.
- Obtain a lottery retailer surety bond.
- Submit the $95 application fee.
Once you are approved, lottery equipment, supplies, and training will be provided. Your establishment will be required to pay a $15 minimum weekly service fee.
