- Readen Holding Corp. (RHCO, Financial) finalizes the acquisition of an 80% stake in Morrich Lottery, a licensed operator in Nigeria.
- With the acquisition, RHCO gains access to Nigeria's $2.5 billion gaming market, projected to grow by 9% annually until 2030.
- The company secures lottery, sportsbook, and casino licenses and plans to integrate its blockchain-powered Readies payment system.
Readen Holding Corp. (RHCO) has successfully acquired an 80% controlling stake in Morrich Lottery Limited, enabling the company to expand into Nigeria's burgeoning gaming market. The acquisition grants RHCO licenses for lottery, sportsbook, and casino operations, providing a strategic foothold in a market valued at approximately $2.5 billion with a promising growth rate of 9% per annum through 2030.
The breakdown of the Nigerian gaming market includes $850 million annual revenue from lotteries, a projected $1.2 billion from sportsbooks, and a long-term revenue target of $500 million from casino operations. RHCO plans to capitalize on this potential by revamping Morrich Lottery's offerings, including scratch tickets, Keno, and mobile innovations, to appeal to both retail and digital markets.
A key component of RHCO's strategy is the integration of its proprietary Readies payment system, a hybrid blockchain-based solution. Readies, managed by RHCO's Czech-licensed subsidiary Finexeble S.R.O., will be implemented across all Morrich platforms, facilitating secure fiat and cryptocurrency transactions, enhancing user experience, and ensuring compliance with regulatory standards.
The strategic expansion is further supported by RHCO's Dutch management team, which boasts over 30 years of expertise in lottery operations and 15 years in online gambling technology. This seasoned leadership is expected to uphold the highest standards of integrity and innovation within RHCO's gaming ventures.
