Holding Company Readen makes foray into Nigerian gaming sector through Morrich Lottery venture
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Ready to Conquer Nigeria's Booming Gaming Sector: Readen Holding's Game-Changing Move
In a game-changing move, Readen Holding Corporation dives headfirst into Nigeria's thriving gaming and fintech industries by acquiring an impressive 80% stake in Morrich Lottery, a licensed Nigerian lottery operator. Announced on April 23, 2025, this strategic acquisition serves as Readen's grand entrance into Nigeria's online gaming realm.
Though the financial terms of the transaction remain under wraps, Readen's intentions are crystal clear: to become a major player in Nigeria's ever-expanding gaming sector by leveraging their fintech expertise and innovative technologies.
A Goldmine with a Bright Future
This strategic maneuver positions Readen to seize a lucrative market valued at $2.5 billion, expected to grow at a healthy 2.59% annually until 2029. The Nigerian gaming market has been steadily garnering momentum, fueled by its youthful population and rapidly increasing internet penetration.
With licences for sportsbooks and online casinos under its belt, Readen solidifies its ambition to become a "global powerhouse" in the country's regulated gaming and fintech scene.
Ridzky Berg, CEO of Readen, expresses his excitement, stating, "This isn't simply an acquisition. It's a strategic stepping stone into one of the world's most vibrant gaming markets. The young population and digital-friendly culture of Nigeria make this an irresistible market."
Diversifying the Gaming Landscape
Readen's strategic roadmap encompasses a balanced approach across three main segments: lottery, sportsbook, and casino. Partnerships will be fostered with experts in each field, while Readen maintains control over financial and technical operations through its proprietary, state-of-the-art payment system.
- Lottery: The Nigerian lottery market is valued at over $600 million. Readen plans to enhance Morrich's product line by introducing popular games like scratch tickets and Keno, as well as mobile-first solutions tailored for a digital-savvy population. A combination of retail and digital channels will be utilized to maximize reach and adoption.
- Sportsbook: An estimated 60 million Nigerians engage in sports betting, a sector projected to generate a staggering $1.2 billion in annual revenue. Readen will launch a betting platform integrating the Readies payment solution to ensure seamless and secure transactions, as well as real-time odds and enhanced user experience.
- Casino: With forecasts pointing to a casino revenue of $1.99 billion by 2029, Readen will cautiously venture into the online and venue-based gaming industry, maintaining compliance with local authorities and building a robust presence in this space.
Bridging Fintech and Entertainment
At the heart of Readen's strategy is the implementation of its hybrid blockchain-based payments system, Readies. Already operational in Europe and Asia, this payment system will facilitate transactions across all Morrich platforms, accommodating both fiat and cryptocurrency exchanges. This system promises regulatory compliance, seamless cross-border transactions, fee reduction, and simplified user onboarding-benefits particularly valued in countries like Nigeria.
A Dutch management group with a rich background in lottery and online gaming technology backs Readen's expansion. With over 30 years of experience in the sector, these seasoned leaders will ensure the highest standards of integrity and compliance throughout all gaming operations under the Readen umbrella.
Ridzky Berg reiterates the company's commitment by saying, "With our robust fintech infrastructure and seasoned leadership, we are poised to set a new standard for smooth, secure, and user-friendly gaming platforms in the region."
Readen Holding Corporation's acquisition of Morrich Lottery signifies not only its entry into Nigeria's nascent gaming sector but also a broader trend of fintech's increasing engagement with conventional gaming industries.
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- Readen Holding's acquisition of an 80% stake in Morrich Lottery, a Nigerian licensed lottery operator, is valued at over $600 million in the Nigerian lottery market.
- Readen plans to launch a sportsbook platform that integrates the Readies payment solution for seamless and secure transactions, targeting the 60 million Nigerians who engage in sports betting.
- In the online and venue-based casino industry, Readen aims to build a robust presence, with a forecasted revenue of $1.99 billion by 2029.
- Readen's hybrid blockchain-based payments system, Readies, promises to facilitate transactions across all Morrich platforms, bridging fintech and entertainment in the Nigerian gaming market.
