Readen Holding Corporation (RHCO), a venture capital firm specializing in financial technology, digital payments, and online commerce, has announced a definitive agreement to acquire an 80% controlling stake in Morrich Lottery Limited, a licensed lottery operator in Nigeria. This acquisition represents RHCO’s inaugural venture into Africa’s burgeoning gaming industry.
Strategic Growth in Africa
RHCO has described the acquisition as a significant milestone, marking its formal entry into the African gaming market, one of the fastest-growing sectors globally. By securing this stake in Morrich Lottery, RHCO gains active licenses for lottery gaming, sports betting, and casino operations, positioning itself for rapid expansion in Nigeria’s local market, which is projected to reach $3 billion by 2030.
This move aligns with RHCO’s vision to become a leading global player in regulated gaming, entertainment, and financial technology, further diversifying its portfolio.
Focus on Nigeria’s Gaming Potential
RHCO highlighted Nigeria as a key focus for its growth strategy, outlining plans for various gaming verticals in the country:
- Lottery Gaming: Nigeria’s lottery market is valued at $850 million annually. RHCO plans to refresh Morrich Lottery’s portfolio by introducing new offerings such as scratch cards, Keno, and mobile-first gaming innovations.
- Sports Betting: With projected revenue of $1.2 billion, Nigeria’s sports betting market is a cornerstone of RHCO’s plans. The company intends to launch a full-spectrum betting platform integrated with Readies, RHCO’s hybrid blockchain-powered payment solution, featuring speedy payouts and reliable odds.
- Casino Operations: Nigeria’s casino market is expected to grow significantly, and RHCO has long-term plans for both online and land-based casino operations, aiming to generate $500 million in revenue.
RHCO emphasized that its experienced Dutch management team and the Readies payment solution will play pivotal roles in ensuring its success in Nigeria.
More Than an Acquisition
Ridzky Berg, CEO of RHCO, described the deal as “more than an acquisition,” calling it a strategic launchpad for expansion into one of the world’s most dynamic and promising gaming markets.
“Nigeria’s youthful population, growing internet penetration, and increasing appetite for digital gaming make it a prime market,” Berg said. “With our proven fintech backbone and seasoned leadership, we’re prepared to set a new standard for integrated, secure, and user-friendly gaming platforms across the region.”
Combating Gaming-Related Fraud
In unrelated news, Nigerian authorities recently collaborated with Interpol to dismantle a cross-border gambling crime operation. 130 individuals, including 113 foreign nationals, were arrested during the operation, and some may have been victims of human trafficking. This highlights the importance of fostering a secure and regulated gaming environment, a mission central to RHCO’s entry into the Nigerian market.
RHCO’s commitment to innovative solutions and regulatory adherence positions the company to succeed in Africa while supporting the broader sustainability of the gaming industry.
