Fintech VC enters Nigeria gaming market with Morrich Lottery deal
Readen Holding Corporation, a venture capital leader, has successfully acquired a controlling stake in Morrich Lottery, an established and fully licensed lottery operator in Nigeria.
Announced on April 23, this acquisition marks Readen’s strategic entry into the burgeoning online gaming landscape. While the financial details of the deal remain undisclosed, Readen has confirmed its ownership of an 80% stake in Morrich Lottery.
Traditionally focused on investing in financial technology, including advancements in cryptocurrency and blockchain, Readen is dedicated to enhancing the development of cryptocurrency payment solutions. This new venture aligns with their commitment to leverage innovative technologies within the gambling sector.
Through this acquisition, Readen has solidified its position as a holder of essential licenses in Nigeria for lottery, sportsbook, and online casino operations. The company aims to establish itself as a formidable player in Nigeria’s regulated gaming, entertainment, and fintech ecosystems.
By entering the Nigerian market, Readen positions itself to tap into an estimated $2.50 billion (£1.88 billion/€2.20 billion) industry, projected to grow at an impressive rate of 9% annually until 2030. This promising growth landscape underscores the strategic nature of Readen’s investment.
A “Strategic Launchpad” for Readen
Outlining its growth trajectory, Readen plans to deploy specialized operational partners for lottery, sportsbook, and casino verticals while maintaining comprehensive control over its financial and technical infrastructure via the Readies payment system.
Finexeble, a Czech-licensed subsidiary of Readen, operates the innovative hybrid blockchain-powered payment solution, known as Readies. This system will serve as the exclusive payment channel across all Morrich platforms, facilitating both fiat and cryptocurrency transactions seamlessly.
In the lottery sector, Readen intends to enhance Morrich’s existing offerings by introducing engaging formats such as scratch tickets, Keno, and mobile-first solutions aimed at capturing mainstream adoption through both retail and digital avenues.
For the sportsbook segment, Readen will launch a comprehensive betting platform integrated with the Readies solution, emphasizing user experience and security. Additionally, the rollout of online and venue-based casino gaming operations will occur in phases, adhering strictly to local regulatory requirements.
“This acquisition is not merely a business transaction; it serves as a strategic launchpad into one of the fastest-growing gaming markets globally,” asserted Readen CEO Ridzky Berg. “Nigeria’s youthful demographic, increasing internet penetration, and surging demand for digital gaming create a fertile environment for our expansion.
“With our robust fintech infrastructure and experienced leadership team, we are prepared to establish a new benchmark for integrated, secure, and user-centric gaming platforms throughout the region,” Berg added.
