A Guide to Opening a Florida Bar or Restaurant in 2019

How can a liquor license lottery make you rich?

By admin
In October 10, 2018

Winning the liquor license lottery will give you the opportunity to sell a liquor license on the private market

The chances of winning the lottery are one in millions. Millions of people try their luck at winning the lottery. Needless to say, it is not a great financial plan to fall back on. Similar to winning cash in a lotto, we also hear about lotteries for winning property, for tickets to entertainment shows, and for other rewards. There is also a lesser-known lottery for liquor licenses as well. If you are looking to buy or sell a liquor license in Florida, Liquor License Outlet can help you. Our experienced team can provide you with the best services for obtaining, financing, or selling a liquor license.

Did you know that if you obtain a liquor license in Florida by entering the Florida State liquor license lottery, it can make you very rich? Let’s find out how and why.

People enter the liquor license lottery so that they can make money and retire, or put it towards buying a house, for medical expenses, or for any other financial need. A potential six-figure payout is indeed a lucrative option for anyone.

Winning A License From The Liquor Lottery Can Cost You Much Less

Buying a liquor license in Florida can cost you $300,000, which can add much to your startup restaurant or business. In counties where tourism is high, the liquor license can cost you as much as $500,000. On the other hand, the cost for a Florida issued liquor license is $10,500 if an applicant wins the lottery. As you can see there is a huge difference in how much you can possibly pay for a license. To qualify for a license, you also need to be at least 21 years old, have no felony convictions, and agree to be fingerprinted. If you are a business owner, winning this lottery means you have to put down much less in investment towards opening a bar or establishment.

Odds Of Winning The Liquor License Lottery Are Much Higher

Winning the Florida Liquor License LotteryAs we mentioned, the odds of winning a regular lottery are not very high, but for Florida liquor licenses, they are much higher. With fewer than 12,000 people entering this lottery, the odds of winning are vastly better. According to the Tampa Bay Times, the odds average 1 in 450. This is not a well-advertised lottery, and the number of new licenses to be issued each year is dependent on the population increase. A county gets one license for every 7,500 increase in population.

Florida’s Department of Business and Professional Regulation relies only on notices on its website and Facebook page to advertise the liquor license lottery. They do not put out a press release or announce it any other way. People also feel that because of the lottery being less publicized, the odds of winning are higher.

The Payoff Can Be Hundreds Of Thousands Of Dollars

If you get lucky and win one of the liquor licenses in Florida, you stand to gain substantially from it. Some people enter the lottery not because they need the license for their business, but because they could make quite a bit of money by selling it. There have been many previous instances of liquor license winners being hounded by individuals or businesses who are willing to pay them for their winning licenses. It is no wonder, then, that the liquor license lottery is attractive to applicants who view the license as a great opportunity for a smart investment.

People enter so that they can make money and retire, or put it towards buying a house, for medical expenses, or for any other financial need. A potential six-figure payout is indeed a lucrative option for anyone. The whole process of applying for a liquor license, qualifying, paying the license fee, and then being able to “transfer” or sell a license is lengthy. But still, the odds of winning and the huge profit at the end makes it a very lucrative idea.

Why Are Licenses From The Lottery In Such High Demand?

Florida License to Serve Alcoholic Beverages To understand why a Florida liquor license gained through the lottery is so desirable, it’s important to understand the basics.

As you will know, any business in Florida that wants to sell beer, wine, and spirits will need a license. Unfortunately, the best licenses aren’t particularly easy to come by. This can leave some businesses with a less valuable beer and wine license. To qualify for a non-quota license, there are strict restrictions surrounding the business size, turnover, and seating capacity.

For some businesses, the restrictions simply don’t fit in with their operating model. The only real solution for hundreds of entrepreneurs is to find a seller who has won the liquor license lottery.

These licenses can be transferred, and they don’t come with the same restrictions as non-quota licenses. In short, the licenses that are won on the lottery are the most versatile and valuable of all.

This puts you in an excellent position. If you’ve won the liquor license lottery, you will find plenty of bidders willing to pay a premium.

Business owners find value in quota licenses because:

  • They can increase their profit margins through liquor sales. There’s a significant amount of revenue that comes with selling alcohol.
  • They can attract a more discerning clientele that expects liquor to be sold on-premises.
  • When running a restaurant, entrepreneurs can leverage their license to offer unique food, wine, beer, and spirits pairings.
  • The license can be transferred later, so the business owner will have the flexibility to open in another location or even resell the license.
  • If the business currently only has a beer and wine license, a quota license from the liquor license lottery will allow them to sell more valuable spirits and liqueurs.

It’s a win-win situation. The business owner gets a valuable asset that helps them to grow and succeed in their niche, while you get to make an immediate profit that will help you to realize your own personal financial goals.

Sell A Liquor License In Florida

If you want to sell a liquor license that you have won, you can contact our reputable team at Liquor License Outlet, who can help take out all the stress out of selling your license. We can provide you with an estimate if you provide us with some basic information about your license. We are proud to provide you with the hospitality industry’s best services and have a combined experience of over 50 years. Call us today at (561) 827-1111 and get ready to enjoy your license payoff!

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