In this interview with DAYO OYEWO, the Managing Director of iLOT Bet, Uma Ntima, identifies regulatory burden as the biggest challenge facing bookmakers, while discussing the industry’s evolution and the impact of technology

 How would you assess the current state of Nigeria’s bookmaking industry, and what key changes have you observed over the years?

Nigeria’s bookmaking industry has undergone a digital revolution. Over the past five years, we’ve seen a seismic shift from traditional, physical outlets to sophisticated digital platforms. This is largely driven by massive mobile penetration and the integration of fintech solutions, which have made betting more accessible and seamless for the average Nigerian.

However, this rapid growth has also brought challenges. The industry is now fiercely competitive, requiring operators to innovate constantly. We have also seen a significant push from regulators to ensure compliance and revenue remittance, which is a necessary step for the industry’s maturation. We have observed that operators who fail to meet these standards are being held accountable.

What are the biggest challenges facing bookmakers today, and how can government and regulators support the industry’s growth?

The biggest obstacles are the high cost of compliance and a heavy regulatory burden. The Association of Nigerian Bookmakers has raised valid concerns about costly casino license fees and “unrealistic” advertising guidelines from ARCON, which are prohibitive, especially for younger operators. We need a regulatory environment that encourages growth, not stifles it. We would urge the government and regulators to collaborate with industry stakeholders to create a clear, predictable, and sustainable tax and fee structure that allows operators to thrive and remit accurately. The government should also provide support. We need that support to translate into policies that help operators, especially indigenous ones, compete effectively, attract foreign exchange, and create jobs.

What key technology trends are shaping Nigeria’s bookmaking industry today?

The most significant trends are mobile-first technology and fintech integration. The modern Nigerian bettor is on their mobile device, so we have optimised our platform for a seamless mobile experience. Furthermore, the deep integration of fintech solutions- from instant deposits to quick withdrawals- has become the standard expectation. This is reshaping the entire customer journey.

How are artificial intelligence and data analytics transforming customer engagement and business operations in the industry?

AI and data analytics are crucial for personalising the customer experience. We can analyse user behaviour to offer tailored promotions and betting options that are more relevant to them. Operationally, data analytics helps us manage risk in real-time, optimise our odds, and ensure operational efficiency. It allows us to create safer, more engaging, and more responsible platforms.

How exposed is the gaming industry to cyber threats, and what measures are needed to strengthen cybersecurity?

The gaming industry, by its nature, handles sensitive financial and personal data, making it a prime target for cyber threats. The vulnerability is real, but so is our commitment to mitigating it. We have invested in advanced cybersecurity infrastructure, data encryption, and secure authentication protocols to protect our subscribers. As operators, we must do this.

How have mobile technology and increased internet access driven the growth of sports betting in Nigeria?

It is the foundational driver of our growth. Without mobile technology and affordable data, the transformation of our industry would not have been possible. Mobile devices have brought sports betting to the fingertips of millions of Nigerians across the country, democratising access and creating a massive, engaged market.

How have fintech solutions enhanced the betting experience for consumers?

Fintech has made the experience frictionless. Gone are the days of complex banking processes. Now, with a few taps, a subscriber can fund their account or withdraw their winnings instantly. This seamless integration, from payment to play, is what modern consumers expect, and it has significantly improved customer trust and satisfaction.

As iLOT marks five years in business, how would you reflect on its journey and key milestones?

Our journey has been one of deliberate, customer-first growth. iLOT was established in June 2021 with a clear vision: to set a new standard for online and mobile betting in Nigeria, drawing on best practices from both Europe and Africa.

In just five years, we’ve moved from being a newcomer to a trusted operator. Our biggest milestones are not just about growth in numbers, but about the moments that define our integrity. In 2022, we rewarded a lucky subscriber with a brand-new Toyota Corolla, proving that our promotions are real and our word is our bond. In 2023, we engaged the community with a N3m gubernatorial prize pool for Lagosians, deepening our connection with our subscribers beyond just sports. More recently, our partnership with Carloha Nigeria to give away a Chery Tiggo 4Pro during the Euros demonstrated our ability to innovate in customer engagement. Each of these steps has reinforced our reputation as a brand built on integrity and character.

Looking ahead, which areas of innovation and investment will be key to sustaining iLOT’s growth?

Our future growth is anchored on two pillars: technology and trust. We will continue to invest in cutting-edge technology to enhance our platform, integrate more fintech partnerships, and leverage AI to improve user experience. However, our most important investment will be in our reputation for integrity. As we look to the next five years, we want to solidify iLOT as the most trusted betting brand in Nigeria; a brand that not only offers great odds but also champions responsible gaming and contributes positively to the communities we serve. We aim to be a leader in responsible gaming, implementing self-exclusion and spending limit features to protect our players.

Four years after awarding a brand-new car to a promo winner, iLOT is now giving away a house in 2026. What inspired these major rewards, and what do they mean for the brand and its customers?

This is at the heart of who we are. When we say “iLOT is a brand that keeps its promises,” we mean it. Our promotions are designed to reward the loyalty and passion of our users. In 2022, we gave away a Toyota Corolla, and in 2024, a brand-new Chery Tiggo 4Pro to a football fan during the Euros. Giving away a car, and now a house, is our way of saying thank you; a bold statement that we value our customers and our word. For us, it is also about creating unforgettable moments for our users. It proves that betting on iLOT is not just about a bet; it’s about the possibility of a life-changing win in an environment built on integrity and transparency. It is a massive investment, but it’s one we are proud to make to show our commitment to the Nigerian people.

How would you describe iLOT’s experience competing in Nigeria’s highly competitive betting market?

It has been rewarding but not without its trials. We entered the market knowing we had to differentiate ourselves, not just on odds, but on trust and service. Our operating philosophy is simple: “Simple, fast, and you can make real money”. We have invested heavily in a robust technical team to ensure the reliability and security of our systems, giving our customers peace of mind. Being a Nigerian-licensed operator, we understand the local market intimately. We have found that our customers value transparency and integrity most. By being a company that does what it says, like keeping promises on huge giveaways, we have built a loyal community of over 15,000,000 subscribers who trust us.

What are your main concerns about the industry’s current challenges, particularly those arising from government policies and regulatory involvement?

You see, most of the things that industry is struggling with can actually come as a simple policy of government. Once it comes as a single policy of government so many things can be solved. Like for instance, the issue of compliance from regulators. Of course, we’re not saying the regulators should not regulate the industry because on a couple of occasions we’ve had situations where operators who violate the laws are also held accountable.

But what we are saying is that we partner with operators in such a way that there are favourable policies that will also encourage smaller operators, local operators. Because if you look at it, you discover that most of the companies doing well are not doing well because they have foreign investment in the operators also. But fully local companies are not actually doing well. So what we are looking at is a situation where the financial implication of compliance will be reduced. You see, what it’s going to do is that it’s going to encourage more investment into the industry.

It’s also going to help the operators, especially the local operators to create jobs. Because by the end of the day, it’s not just about making profit; it’s also about creating jobs that will also help the Nigerian economy. So those jobs may be hard to come by because of the struggle of the various companies involved in the sector.

But I know the future is good, and I know the company, as a matter of fact, if you also watch regulation. Regulation today was not the way it was five years ago. So there’s been a lot of improvement by the regulators.

But what we are saying is that, you know, whatever situation you have, followers believe there is always room for improvement. So what we are saying is that there is more the government can still do to encourage the industry, and we encourage them to do those things. Thank you so much.