RHCO Secures Controlling Stake in Nigeria’s Morrich Lottery

Readen Holding Corporation (RHCO) a venture capital firm specializing in financial technology, digital payments, and online commerce, announced that it has signed a definitive deal to buy an 80% controlling stake in Morrich Lottery Limited, a licensed lottery operator in Nigeria. This is notably the former company’s inaugural foray into African gaming.

RHCO Is Pursuing Growth in Africa

In its official release, RHCO called the transaction a major milestone, saying that it marks its official entry into the African gaming market. The venture capital firm added that the continent’s gaming sector is shaping up as one of the fastest-growing and most promising gaming sectors in the world.

The acquisition of an 80% stake in Morrich Lottery effectively provides RHCO with active licenses for lottery gaming, sports betting, and casino operations. This positions RHCO for further growth in the local market, which is projected to grow to $3 billion by 2030.

The venture capital firm noted that the stake in Morrich Lottery aligns with its ambition to become a major international force in regulated gaming, entertainment, and financial technology.
RHCO Bullish on Nigeria

RHCO shared some of its plans for the separate gaming verticals and highlighted the opportunities awaiting in Nigeria.

The country’s lottery market alone, for example, is valued at more than $850 million a year. Speaking of lottery gaming, RHCO plans to revamp Morrich’s offerings, adding new products to the lineup, These will include scratchers, Keno, and mobile-first innovations.

In the meantime, Nigeria’s sports betting sector is projected to hit $1.2 billion in revenue due to the vertical’s incredible popularity. RHCO plans to capitalize on this growing demand and launch a full-spectrum betting platform integrated with Readies, RHCO’s hybrid blockchain-powered payment solution. The sportsbook will be further enhanced with speedy payouts and reliable odds.

Finally, Nigeria’s casino market is expected to continue growing at a rapid pace. RHCO’s long-term plans for iGaming include $500 million in revenue. The company is planning to launch both online and land-based casino operations.

RHCO noted that its highly experienced Dutch management team and the Readies solution will be key to its success in Nigeria.

More Than an Acquisition

Ridzky Berg, RHCO’s chief executive officer, commented on the transaction, calling the deal “more than an acquisition.” Berg elaborated that this represents a “strategic launchpad” for RHCO’s entry into one of the most dynamic and promising 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.”

Ridzky Berg, CEO, RHCO

Nigeria Is Dealing with Gaming-Related Fraud

In unrelated news, Interpol recently teamed with African authorities to crack down on an illicit cross-border operation in Africa.

A total of 130 people, including 113 foreigners linked to gambling crime, were arrested in Nigeria during the operation. Nigerian authorities added that some of those foreign nationals might have been victims of human trafficking.