Readen Holdings enters Nigeria gaming market with Morrich Lottery
In a bid to boost both the fintech and gaming sectors, Readen Holding Corporation has taken over an 80% controlling interest in Morrich Lottery, a Nigerian licensed lottery operator. The takeover, which was disclosed on 23 April 2025, is Readen’s strategic entry into Nigeria’s online gaming sector.
While the financial terms of the acquisition are not revealed, Readen’s intention is straightforward: to become a serious contender in Nigeria’s expanding gaming sector through its fintech expertise and technical innovation.
A promising market with enormous potential
The acquisition positions Readen to capitalize on a gaming market worth $2.5 billion, which is expected to grow at a rate of 2.59% annually until 2029. The gaming sector in Nigeria has been steadily building momentum, supported by its youthful population and increasing internet penetration.
In addition to its lottery operations, Readen has obtained sportsbook and online casino business licences, thereby fulfilling its vision of becoming a “major international force” in the country’s regulated gaming and fintech industry.
Ridzky Berg, Readen Chief Executive Officer, commented, “This is more than an acquisition. It’s a strategic stepping stone into one of the world’s most dynamic gaming markets. The young population and increasing need for online gaming in Nigeria make this a great market.”
The strategic application in different fields
Readen’s operations plan incorporates a balanced approach across three major segments: lottery, sportsbook, and casino. There will be operating partners specialising in each of the segments, and Readen will control financial and technical operations via its own proprietary in-house payment system.
1. Lottery: $600 million. Readen will augment Morrich’s product line by launching new products, such as scratch tickets and Keno, along with mobile-first solutions designed to appeal to a digitally savvy audience. The approach will utilise both retail and digital channels to ensure maximum outreach and adoption.
2. Sportsbook: As many as 60 million Nigerians are estimated to engage in sports betting, a sector that is bound to generate huge returns. The revenue per annum for sportsbooks is projected to be $1.2 billion. Readen will introduce a betting platform that integrates the Readies payment solution, providing instant and safe payouts as well as real-time odds, which will enhance user experience and engagement.
3. Casino: The online casino business is also growing rapidly, with . Readen will deploy regulated online and venue-based gaming operations methodically while conforming to the local authorities and developing a strong presence within this category.
Merging fintech innovations with games
At the centre of Readen’s strategy is the rollout of its hybrid blockchain-based payments system. Already live in Europe and Asia, Readies will facilitate transactions on all Morrich platforms, allowing both fiat and cryptocurrency transactions to progress. Finexeble, Readen’s subsidiary with a Czech licence, is already operational.
Not only does this payment system ensure regulatory adherence, but it also enhances cross-border transactions, lowers fees, and streamlines onboarding for users—a most valuable advantage in countries like Nigeria. The focus on safe, transparent, and fraud-protected transactions positions Readen to address consumers’ evolving demands effectively in Nigeria.
A Dutch management group with significant experience in the lottery business and online gaming technology supports seasoned leadership for Readen’s expansion. With more than 30 years of experience in the sector, the management will ensure the highest standards of integrity and compliance in all gaming operations under the Readen umbrella.
Ridzky Berg emphasises the dedication of the company by stating, “With our proven fintech backbone and seasoned leadership, we’re well-placed to set a new standard for frictionless, secure, and user-friendly gaming platforms in the region.”
Readen Holding Corporation’s acquisition of Morrich Lottery is not only its entrance into Nigeria’s nascent gaming sector but also points to a broader trend in which fintech becomes more closely engaged with conventional games industries.
