Competition Commision Looks to Regulate the Activities of Young Sport Betting and Lottery Companies
NIGERIA (December 18, 2022) — According to local media reports the Federal Competition and Consumer Protection Commission, (FCCPC) has outlined plans to protect young sports 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 sports betting companies that 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.
Local media outlet ‘Leadership’ reported Deputy Director/Zonal coordinator of, the 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 the lottery business has changed over the years, noting that with the coming of NLRC, the sector has been redefined as an emerging industry that she said has lots of potential to grow the economy with statutory remittances.
Head of the 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 sports betting companies to ensure transparency. Onwuka said they were present to ensure transparency and fairness and that consumers aren’t misled by fake promos.
This is just as 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 fulfill 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 positivity.
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 a 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 iPhones
Other Promo gifts doled out at the event are power banks, 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.
SOURCE: Leadership.Tags: Competition Commission, National Lottery Regulatory Commission, sports betting and lottery companies, Nigeria