LAGOS – The Federal Competition and Consumer Protection Commission, (FCCPC) has outlined plans to protect young sport betting and lottery companies in the country, noting that this would seek to drive inclusive growth in the sector to boost employment and revenue streams and also regulate their activities with proper licensing.
The FCCPC and the National Lottery Regulatory Commission said it would regulate the activities of sport betting companies who have proper licensing in Nigeria to operate while assuring that it would keep their operations in check with proper regulations.
The agency noted that the statutory remittances from the betting companies were needed to drive inclusive growth in the economy while promoting the emerging lottery sports economy.
Deputy Director/Zonal coordinator, National Lottery Regulatory Commission, Lagos Zonal Office, Mrs. Nkiru Onuzulu, commended the efforts of the National Lottery Regulatory Commission in the area of regulations of lottery business in the country.
She added that the negative perception of lottery business has changed over the years, noting that with the coming of NLRC, the sector has been redefined the emerging industry which she said has lots of potentials to grow the economy with statutory remittances.
Head of Federal Competition And Consumer Protection Commission in Lagos, Suzy Onwuka, said the agency was set to protect consumers’ interest by removing all fraudulent practices from sport betting companies to ensure transparency.
Onwuka said they were present to ensure transparency, fairness and that consumers aren’t misled with fake promos.
This is just as the nigeria’s top sports betting company iLOT boldly rewarded its loyal customers in the 2022 World Cup Promo at the Ikeja Sheraton Hotel and Suites to fulfil its commitment to consumers in iLOT betting platforms.
ILOT Nigeria is a top Sports online betting and lottery bookmaker operating in Nigeria. The company is registered with the trading name of Lucky9ja Lotto Limited.
The company holds the National Lottery Regulatory Commission Sports Betting License and Lottery License. Since the beginning of its operation in the year 2021, it has gained immense followership and positive.
The Grand Prize, a brand new Toyota Corolla car was won by Umar Ibrahim.
Ibrahim, who is based in Federal Capital Territory Abuja, expressed his excitement after the presentation.
He said: I couldn’t believe it when (ILOT representative) informed me about the grand prize.
“For days, I was doubting if it was real. I was like can this be true. I was little bit disturbed.
“My family members kept on encouraging me and here I am today with the car.”
Aside from the Grand Prize, eight other customers were also rewarded with new
Other Promo gifts doled out at the event are powerbank, phones and airpods.
ILOT managing director, Uma Ntima highlighted the role his company has played in boosting Nigeria’s economy.
”We have done well in creating employment opportunities in Nigeria. We are also committed to improving the economy.
“We have our branches in some parts of the country and we hope to improve and expand our business,” he said.