Cola Group invests $14.5M to expand its iGaming brand, gets Nigeria license

Cola Group is investing $14.5 million to accelerate the expansion strategy of its iGaming arm Cola.bet, announced the company on Wednesday.

The games and entertainment group’s new investment follows on the back of Cola.bet securing a fourth African gambling license in Nigeria, the continent’s second-largest gambling market. The addition adds to Cola.bet’s African operations in Zambia, Kenya and Ethiopia.

The latest sports betting license was granted by the Lagos State Lotteries Board to a locally incorporated Cola.bet subsidiary company, Cola Games Limited. According to Cola Group, the Nigerian market is similar to Ethiopia’s in that both are “very retail-centric rather than internet-based.” In consequence, the company saw it as a strategic move to leverage its success and experience within the Ethiopian market to expand into Nigeria.

“Cola.bet delivers an exceptional customer-first experience and the launch augments our global ambitions within the iGaming space,” said Dinu Bors, Cola.bet’s COO. “The platform is highly customizable and grants B2B partners instant access to curated content for a plethora of markets. We’ll be rolling out several innovative features over the coming months, we’re only just getting started.”

The betting operator delivers a modern, mobile-first proprietary platform “tailored for both established and fast-developing markets,” describes a press release. The Cola.bet platform aims at being easily adjustable, customizable, and provide seamless integrations.

Moreover, the operator says local payment methods are also integrated onto the platform, where partners can find a selection of sports events, esports and casino games. In order to further support company partners, Cola Group counts with a complete consulting service, including a licensing brokerage that provides access to localized knowledge and best practice in each operating region.

“Our strategy is built on a localized program which has been developed through thorough research into market nuances and player preference," said Dana Varnytska, Cola.bet’s CMO. "Players will benefit from bespoke bonus promotions and extremely competitive odds on the most popular events."

Aside from the aforementioned licenses, Cola.bet also holds a Curaçao gambling license and is in the process of obtaining licenses in the regulated markets of Africa, LATAM and Europe. “This will facilitate the expansion plans of the company,” says the Pan-African iGaming operator.