In the European Junior Chess Championship in 2006, he placed second following an eight-way tie. At the 2008 Bulgarian Chess Championship, he took first place, and in the 2012 European Rapid Chess Championship, he came in third.
Iotov earned his International Master (IM) title in 2005, and in 2008 achieved his Grandmaster (GM) title.
He has competed in several team events, including representing Bulgaria in the Chess Olympiad, the European Team Chess Championship and the Mitropa Cup. He has also played for several clubs in the European Club Cup.
Among his notable achievements, Iotov was victorious in the 2014 Golden Sands Open. Furthermore, he demolished the Canadian grandmaster Mark Bluvshtein in 35 moves at the 2011 Chess World Cup. Despite this, Iotov was eliminated in the second round by the Ukrainian grandmaster Alexander Moiseenko.