Venture capital firm Readen Holding Corporation has acquired an 80% controlling stake in Morrich Lottery Limited, a licensed lottery operator in Nigeria, marking the firm’s official entry into Africa’s fast-growing gaming sector.
The firm did not disclose any further financial details of the transaction.
Specialising in fintech, digital payments, and e-commerce, Readen said the acquisition positions it to become a significant player in the region’s regulated gaming and financial infrastructure.
According to Readen, Nigeria’s gaming market is currently valued at $2.5bn and is expected to grow more than 9% annually through 2030.
With the deal finalised, Readen now holds active licences for lottery, sportsbook, and casino operations in Nigeria.
Roll-out plans
The company outlined plans to overhaul Morrich Lottery’s offerings, introducing mobile-first scratch tickets and Keno games, alongside launching a comprehensive sportsbook platform tailored to the country’s estimated 60 million sports bettors.
Although Nigeria’s online casino segment is still in its early stages, Readen said it is targeting “over $500m in long-term revenue potential”.
The VC added it will roll out casino operations in phases, ensuring full compliance with local regulations.
Central to the firm’s strategy is the integration of its proprietary payment system, Readies, across all Morrich platforms.
Powered by blockchain and operated through Readen’s Czech-licensed subsidiary Finexeble, Readies supports both fiat and cryptocurrency transactions.
Already established in Europe and Asia, the platform will now serve as the exclusive payment infrastructure for Morrich’s operations in Nigeria.
Its features include cross-border capabilities, low transaction fees, and advanced fraud prevention, Readen stated.
“This is more than an acquisition — it’s a strategic launchpad into one of the most dynamic gaming markets in the world,” said Readen CEO Ridzky Berg.
“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.”
Readen’s expansion is being led by a Dutch management team with more than 30 years of experience in lottery operations and over 15 years in online gaming technology.
The company said this expertise will guide its efforts to build scalable, compliant, and innovative gaming solutions in Nigeria and beyond.
