Accelerating growth and replicating success – Cola.bet is just getting started

Cola Group recently secured a $14.5m investment to accelerate its growth within multiple African online gambling marketplaces. The venture investment follows the licensing approval granted by the Lagos State Lotteries Board for the launch of Cola.bet, a mobile proprietary platform that aims to provide customisable and adjustable integrations to developing markets.

Following successful launches in Zambia, Kenya and Ethiopia, Cola.bet will soon enter its fourth African igaming marketplace in Nigeria. It plans to replicate its success across these markets to become the leading mobile-first operator, providing seamless integration with all local payment providers.

Longer term, Cola Group has ambitions to expand its sports betting and igaming offering and obtain further licensing across regulated markets in Africa, Latam and Europe, as well as seek opportunities in the US – all contributing to the development of Cola.bet’s future global footprint.

EGR Technology: Why has Cola.bet chosen Africa as its main region to launch its product in?

Dinu Bors (DB): Africa is one of the fastest growing and sensational igaming regions thanks in large part to an intrinsic love of sports, especially football. However, to make a success in a continent with a population of 1.4 billion, the core strategy is addressing each country as an individual market as they have unique nuances, cultures and languages. Africa’s vast potential and multifaceted markets means Cola.bet’s localised approach is a perfect fit for accelerating the growth of the business.

Advances are constantly being made across Africa in areas of internet speed, and the foundations are there for the introduction of Cola.bet’s modern, mobile-first and intuitive technology service that delivers exceptional player experiences.

There are a great many countries in Africa where potential has yet to be realised and we’re excited about developments in countries like Angola and Malawi. There are other attractive elements to Africa in that the barriers to entry in such a fast-growing region are comparably lower than other markets. Our experience and localised knowledge also means Cola.bet can negotiate the often complicated licence processes with speed, allowing a shorter time to market. In terms of player acquisition, our marketing programmes have led to much lower CPAs when compared to regulated European markets.

EGR Technology: From a technology standpoint – what technology are you using in the African market?

DB: Cola.bet has invested considerable time and resources into developing a highly customisable platform that can be tailored to the needs of each market and player demographic.  The platform grants B2B partners instant access to curated content for a plethora of markets, and the service can easily be modified for retail operations where allowed. All local payment methods are also integrated onto the platform, where partners can find a vast selection of sports events, esports and casino games.

Although internet speed has come on significantly over the past few years, not all areas have caught up and Cola.bet has addressed this issue with a light version of our websites for markets where the internet penetration is lower. Unstructured Supplementary Service Data (USSD) and SMS betting services will be added to tackle the issue of slow internet and low internet penetration.

Zambia is one market where betting via USSD is very popular, and we have satisfied that demand with a seamless wagering functionality.

EGR Technology: Additionally – will this technology or strategy change if you launch in other regions such as Europe or Latam?

DB: Cola.bet’s strategy is built on a localised programme which has been developed through thorough research into market nuances and player preference. The African launch provides the perfect template for Latam as the region is similarly made up of lots of markets that all have their own characteristics. Building the platform in-house has meant we can easily shape it to suit each region –and that includes Europe. Adaptability is key, and it puts us in a very strong position to deliver a service that players want.

EGR Technology: I understand the $14.5m investment will be partly used on developing the Cola.bet platform. Can you discuss this in further detail and explain what developments we might expect?

DB: The investment will enable Cola.bet to deliver on our ambitious growth plans, with the platform acting as the launch pad. Cola Group is currently in the process of finalising seven more licences for Africa, with further countries in the latter stages of legal and market research evaluation.

Another area the funds will be directed is on securing further igaming licences for regulated markets outside of Africa. Once we’re certified for those markets, the marketing arm of the business clicks into gear as we communicate the value of our service to players, convert them to Cola.bet users and retain their custom. Players will benefit from bespoke bonus promotions and extremely competitive odds on the most popular events.

An affiliate programme is active and is reinforced with a CRM system that helps clients build invaluable customer relationships and optimise processes. Other developments will come in the form of SMS services and payments options to create a full-stack B2B offering.

EGR Technology: What plans does Cola.bet have in terms of cryptocurrency and payments?

DB: Cola.bet is a forward-thinking business and the role cryptocurrencies will play in the igaming space will only increase. With that in mind, plans are afoot to accept over 100 cryptocurrencies that are currently available on the market. Players’ ability to deposit with crypto is becoming more accepted today, but the technology has the added benefit of greatly enhancing the user experience. Initially, this will cover improved funding and upgraded withdrawal mechanisms.

A major milestone for Cola.bet will be the introduction of Cola Coin, the first cryptocurrency created for gamblers and the gambling industry. This will provide frictionless entrance to new markets, while simultaneously increasing player engagement and retention. Cola Coin will engage with an untapped select group of wealthy players, especially those from regions where access to gambling sites is more challenging. In terms of traditional payment services, Cola.bet offers bank transfers and credit cards.

EGR Technology: Does Cola.bet also have a B2B strategy selling its services, or is the focus fully on B2C operations for now?

DB: The initial plan is growing market share in Africa by introducing Cola.bet’s high-quality gambling platform into countries via licences. This will be achieved by operating the proprietary gambling platform through licensed gambling companies and distributing the software as a white-label solution under different domains. Cola.bet’s highly customisable platform and fast market entry will make it a highly desirable solution.

In time, B2B partners will be able to benefit from a multicurrency, multilingual, cross-domain platform, complemented by an affiliate programme, SMS services and payment solutions.

EGR Technology: Are there plans to expand into additional markets? If so, which ones and by when?

DB: At the moment, the focus is to grow in markets where the business has already launched – Kenya, Zambia and Ethiopia. Nigeria will soon be a major market now Cola.bet has secured its fourth African gambling licence in the continent’s second largest gambling market.

This Nigerian licence was granted by the Lagos State Lotteries Board to a locally incorporated, Cola.bet subsidiary company, Cola Games Limited. The Nigerian market has similar traits to Ethiopia in that both are very retail-centric rather than internet based. This strategic move for Cola.bet means the operation can leverage its blueprint and successes in Ethiopia to successfully expand into Nigeria.

From a licensing perspective, the plan is to obtain licences for Tanzania, Rwanda and other regulated markets in the coming months. The mission is to be licensed in over 10 markets across Africa by mid-2022. Subsequently, Cola Group is aiming to obtain further gambling licences across the globe and will seek more opportunities for expansion in some American states, Argentina and more.

EGR Technology: What are your hopes and expectations for Cola.bet over the next 12 to 24 months?

DB: The roadmap for the next two years will see Cola.bet become fully established in multiple African countries and be operating across the regulated markets of the US, Latam and Europe. Early next year the platform will receive its Gaming Labs International certification. Cola Coin will be listed on the cryptocurrency exchange and be consistently used on the Cola.bet platform where players can benefit from novel bonus schemes. Going a step further than solely owning the platform, plans are underway to take ownership of content too with the launch of the first Cola slot and virtual game in 2023.