North Carolina Lottery Bond
A North Carolina lottery bond is required from applicants that wish to engage in lottery sales pursuant to specific criteria set by the North Carolina Education Lottery (NCEL). Per the Commission, "A lottery retailer must comply with Commission rules and procedures governing the accounting of tickets in custody, tickets sold, proceeds from sales of tickets, and remission of funds to the Commission through electronic fund transfers or other recorded financial instruments authorized by the Commission and approved by the Director." Because of the problems experienced in collecting funds from retailers, he Commission instituted the lottery bond requirement therefore making the obligation a matter of adverse selection.
The NCEL publishes the basic requirements for an applicant retailer. "The applicant must be at least 21 years of age, cannot be engaged exclusively in the business of selling lottery tickets or operating devices solely for entertainment. The retailer must also be current in filing and payment of all applicable taxes to the state. An applicant must pass background investigations which includes a criminal background review, tax filing status review and financial credit review. The North Carolina lottery bond requirement is determined by analysis of the latter review, and based largely on the creditworthiness of the applicant and/or previous history as a lottery retailer. A lottery sales agent should be familiar with the laws and administrative regulations which may be viewed here. Further questions about licensing may be directed to:
North Carolina Education Lottery Headquarters:
2728 Capital Blvd #144
Raleigh, NC 27604
Telephone: (919) 715-6886
North Carolina surety bond broker, Surety One, Inc. is a specialist in the bonding needs of commercial establishments that sell lottery scratch-offs and multi-tickets. We offer same-day issue of surety and fidelity bonds required by these operations. Questions about this or another surety bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat about your North Carolina lottery bond requirement.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
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