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How much does a Virginia state lottery bond cost?
The Commonwealth of Virginia requires lottery retailers to post surety bonds between $20,000 and $40,000, which can cost as little as 1% of the bond amount with premiums starting at $200. These bonds are subject to underwriting, which means the price an applicant pays for their lottery bond will be based on a credit review by an underwriter.
Ready to get bonded? Call 1 (800) 308-4358 or submit an easy online bond request. One of our expert surety specialists will contact you right away to walk you through our application process.
Why do I need a Virginia lottery bond?
Virginia lottery bonds ensure principals (lottery retailers) pay all sums due to the state for lottery tickets/proceeds and comply with all statutes, rules, and regulations pertaining to the license.
If the principal violates the terms of his or her bond agreement and the state or an individual is harmed as a result, the surety will cover damages up to the full penal sum of the bond. The principal must reimburse the surety for all damages paid out.
Get your free, no-obligation bond quote within one business day of applying when you work with SuretyBonds.com.
Details of Virginia lottery bonds
The effective date of the bond will be listed on the Virginia lottery retailer surety bond form. The bond is effective for one year unless renewed by the principal, at which point the surety will issue a continuation certificate. The surety can cancel the bond at any time by giving written notice of cancellation to the Director of the State Lottery Department 30 days prior to the effective termination date.
How to become a lottery retailer in Virginia
- Submission of an application packet
- $50 application fee (required for each location for which a license application is being submitted)
- Submission to a background check
- Proof of a surety bond
- Proof of identity
- Business sales tax certificate
- RS confirmation
- Retailer contract
- Electronic Funds Transfer (ETF) form
Don’t let getting a surety bond delay the licensing process to become a lottery professional in Virginia. Get started now!