Readen Holding Corporation Makes Strategic Move in Nigeria’s Lottery Sector
Readen Holding Corporation, a prominent player in the venture capital landscape, has recently taken a significant step by acquiring a majority interest in Morrich Lottery, a fully licensed lottery operator in Nigeria. This acquisition, disclosed on April 23, not only underscores Readen’s expansion into the online gaming arena but also represents a bold stride into a rapidly growing market.
While the financial specifics remain under wraps, Readen has confirmed it now holds an 80% stake in Morrich Lottery. Historically, Readen’s investments have leaned towards financial technology, emphasizing innovations in cryptocurrency and blockchain. Their objective is to drive the evolution of crypto payment systems, and this merger positions them to leverage that expertise in a new context.
With this acquisition, Readen has obtained licenses to operate lotteries, sportsbooks, and online casinos in Nigeria. The company aims to establish itself as a significant player within the country’s regulated gaming and fintech sectors. Nigeria’s gaming market is not just vibrant; it’s estimated to be worth $2.5 billion (£1.88 billion/€2.20 billion) and is projected to grow at an incredible rate of 9% annually until 2030.
A Strategic Blueprint for Growth
Readen envisions this acquisition as a “strategic launchpad” for its operations in Nigeria. The company outlined plans to deploy specialized partners for its lottery, sportsbook, and casino ventures while maintaining overarching control through its proprietary Readies payment system.
Operated by Finexeble, a subsidiary based in the Czech Republic, Readies is an innovative hybrid blockchain-powered payment solution. It will act as the primary payment rail across all Morrich platforms, facilitating transactions in both fiat and cryptocurrency.
Readen intends to enhance Morrich’s existing lottery offerings by introducing innovations such as scratch tickets, Keno, and mobile-friendly features. Their strategy encompasses both retail and digital channels to achieve widespread adoption.
In addition to the lottery, Readen plans to unveil a comprehensive sports betting platform that integrates the Readies solution. Casino operations will be phased in gradually, ensuring compliance with local regulations.
“This acquisition is a pivotal moment for us,” stated Ridzky Berg, CEO of Readen. “We see Nigeria as a dynamic frontier in the gaming industry. The country’s youthful demographic, increasing internet penetration, and burgeoning interest in digital gaming create an optimal environment for growth.”
With their established fintech framework and experienced leadership team, Readen is poised to redefine the standards for secure, integrated, and user-friendly gaming solutions across the Nigerian marketplace.