Rita Odafe
Readen Holding Corporation’s investment branch has garnered attention by acquiring a majority share in Morrich Lottery, a fully licensed lottery service operating in Nigeria.
The announcement made on April 23 marks a pivotal moment for Readen as it ventures into a new market and the realm of online gaming. While financial specifics of the acquisition remain undisclosed, Readen will hold an 80% interest in Morrich Lottery.
This substantial ownership indicates the company’s ambitions are clear. Traditionally, Readen has focused on financial technology, particularly in blockchain and cryptocurrency initiatives, aiming to enhance solutions that facilitate cryptocurrency payments.
The acquisition is crucial as Readen now possesses licenses in Nigeria for lottery, sports betting, and online casino activities. Representatives have pointed out their ambition to become a “significant international player” in the country’s regulated gaming, entertainment, and fintech sectors, which the acquisition helps to facilitate.
Moreover, Readen highlighted that entering the Nigerian market allows access to an estimated US$2.5 billion market value, which equates to around £1.88 billion and €2.20 billion. Projections suggest continued growth in this market at an annual rate of 9% through to 2030.
Readen has mapped out its strategy and confirmed that the acquisition will involve deploying specialized operational partners across lotteries, sports betting, and casino sectors, while maintaining control over the financial and technical systems via its Readies payment solution.
Additionally, Readen has a subsidiary named Finexeble, which operates under a Czech license and specializes in blockchain-based hybrid payment solutions. The Readies system will be the sole payment method utilized across all Morrich platforms, facilitating both cryptocurrency and fiat transactions.
Plans are in place to refresh Morrich’s current offerings by introducing scratch cards, keno, and innovative mobile app features. The lineup will also showcase new games like Plinko, which is rapidly becoming popular across various African nations and beyond. To start playing Plinko online, users simply need to choose a suitable casino, complete registration, and deposit funds.
Sports betting will be approached as a separate initiative. Readen aims to roll out a comprehensive betting platform integrated with the Readies framework. The introduction of casinos and other online gaming products will occur gradually, pending approval from local authorities.
According to Readen CEO Rydzki Berg, the company has secured a strategic position in one of the world’s fastest-growing gaming markets, which is vital due to Nigeria’s youthful demographic, expanding internet access, and growing enthusiasm for digital gaming.
The firm is optimistic about its prospects, drawing on a solid fintech background and experience that will allow it to operate throughout the region while establishing a new benchmark for safe, integrated, and user-friendly gaming platforms.
