How much capital is required to open a lottery agent? Instructions on how to get lottery tickets for sale
What is a lottery ticket agent?
It is true to say that lottery companies do not sell lottery tickets directly to customers but through a distribution agent system. Usually, agents are divided into 3 levels:
- General agent: get lottery tickets directly from lottery companies in large numbers.
- Level 2 agents, 3 and even peddlers will take tickets from the General Agent and distribute them to their system or sell directly to customers.
Thus, a lottery ticket to the hands of buyers had to go through many different dealer levels.
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Is the lottery business really profitable?
In fact, depending on the lottery company, the agents receive different discounts from each lottery ticket, ranging from 13 – 15% of the total ticket sales for a level 1 agent. This amount will be deducted before the income tax agent received, with such a huge profit, it is difficult to become a level 1 agent.
Level 1 agents will spend 5-7% commission on level 2 agents. Level 3 agents will deduct 3-4% for the clerk or ticket seller. In addition to the commissions they receive, they also redeem winning lottery tickets and often receive an additional 1% with the accompanying service.
To make it easier to understand, the agent will receive a commission on the value of lottery tickets sold and payment fees based on the value of all the prizes they pay.
Nowadays, traditional lottery ticket stalls can be found anywhere. According to the analysis, this is an attractive job.
Although the lottery ticket costs only 10,000 VND and through many levels, if thousands of tickets are sold every day, there will be a high fee for a large dealer.
Many people have gotten rich from the lottery business and the accompanying form, so it should come as no surprise that so many people want to get so involved.
Where to get lottery tickets for sale?
It is true to say that there are many sources of lottery tickets, but there are two main sources that you should remember:
- Get the lottery ticket directly from the lottery company and in order to do this, you need to prove your financial and legal capacity before the lottery company.
- Get the wholesale lottery ticket from the agent every day according to the agreement.
For each type of lottery you choose, there will be different procedures that we will go into in detail later.
How much capital is needed to make a lottery agent?
- With a general agent:
This level 1 agent has very few and they usually cover a large area. If you want to join them, you need to prove your financial capacity, ie the total value of your assets and the members participating or pledging capital because not only sell but also the role of the agent is to redeem bonuses.
This is called the charter capital of lottery agents.
Generally, general agents need to “deposit” a certain amount with the lottery company to ensure payment on time and other tax obligations as prescribed by law.
- With low-end agents:
You should estimate the number of tickets that will be distributed to the subordinate system and sold directly each day to calculate the amount of capital.
For example: If you plan to sell 1000 tickets to 5 people, each day sell 1000 x 5 = 5000 tickets. So the daily capital will be 5000 x 10,000 = 50,000,000 VND and you need to have a minimum capital of 100 million VND to operate.
This level 1 agent has very few and they usually cover a large area
Procedures to open a traditional lottery agent
First, you must understand the prize structure of the lottery to be able to advise customers in detail. Next, in addition to preparing capital, legal issues are also a factor that you need to pay close attention to, especially when you want to be the general agent of a certain area.
Currently, most lottery companies rarely open new level 1 agent to ensure benefits for their former partners who are distributing tickets to them. However, if you are lucky and have enough ability, you still have many opportunities.
To be a lottery agent, you need to ensure the following conditions:
- Being an economic organization established and operating under the provisions of law.
- Ensure sufficient charter capital and payment requirements.
- Commitment to comply with written lottery company regulations.
- Not a relative of the leader of lottery companies in the area.
- Be 18 years of age or older, be a Vietnamese citizen and permanently reside in the country.
- Not working in a lottery company or being a relative of the leaders in a lottery company.
- Ensuring sufficient capital and payment capability as prescribed.
- Commitment to fulfill the requirements of the lottery company in writing.
Registration documents include Application for setting up a lottery agency, list of founding members, identity card of the founding member of representative, company charter. The application will be submitted to the Business Registration Office – Department of Planning and Investment if valid, you will be issued with a Lottery Agent registration certificate after 3 days.
Based on the above contents, lottery agencies will select level 1 agents or organize bidding according to the provisions of law. And if you choose, you will sign a contract directly with the agency with the rights and responsibilities of each party: the type of ticket received, the amount, the commission rate, the reward rules, the form of payment, penalty violations, etc
Business location: Want to be an agent, first you need to find business premises, depending on the rank to choose the appropriate premises. If you open a small agency, you only need a place that does not need to be too large but crowded with people and convenient transportation.
In the final, depending on the ability of capital and legal as well as ground, relationships to choose for themselves the most appropriate way of doing business. Wishing you success.