Fintech VC enters Nigeria gaming market with Morrich Lottery acquisition
The deal, which was announced yesterday (23 April), marks the entrance of Readen into the online gaming market. Financial terms of the acquisition were undisclosed, but Readen did reveal it will hold an 80% stake in Morrich Lottery.
Readen typically invests in financial technology, including cryto and blockchain developments. Its focus is to help progress the development of crypto payment solutions.
The company said that through the acquisition it now holds licences in Nigeria for lottery, sportsbook and online casino operations. This, it added, will allow it to become a “major international force” in the country’s regulated gaming, entertainment and fintech infrastructure.
In entering Nigeria, Readen said this will give it access to a market worth an estimated $2.50 billion (£1.88 billion/€2.20 billion), which is forecast to grow 9% annually each year until 2030.
“Strategic launchpad” for Readen
Setting out its roadmap, Readen said the deal will include the deployment of specialised operating partners for lottery, sportsbook and casino. Readen will, however, retain full control of the financial and technical infrastructure through its Readies payment system.
Finexeble, a Czech-licensed subsidiary of Readen, operates the hybrid blockchain-powered payment solution. Readies will serve as the exclusive payment rail across all Morrich platforms, handling both fiat and crypto transactions.
With lottery, Readen plans to revamp Morrich’s current offerings with scratch tickets, Keno and mobile-first innovations. It will target mainstream adoption through retail and digital channels.
As for sportsbook, Readen will launch a full-spectrum betting platform integrated with the Readies solution. Finally, online and casino venue-based gaming operations will be rolled out in stages, in compliance with local authorities
“This is more than an acquisition,” Readen CEO Ridzky Berg said. “It’s a strategic launchpad into one of the most dynamic gaming markets in the world. Nigeria’s youthful population, expanding internet access and growing appetite for digital gaming make this a prime market.
“With our proven fintech backbone and seasoned leadership, we’re ready to set a new standard for integrated, secure and user-friendly gaming platforms across the region.”