Midnite Secures $100M Credit Facility to Accelerate UK Expansion and Innovation
Midnite has secured a $100 million credit facility as part of its ongoing efforts to achieve Tier 1 status in the UK. The funding was provided by Midnite’s Series B investor,
Discerning Capital, a Las Vegas-based growth capital investment firm focused on regulated gambling. Singapore-based PvX Capital also contributed to this financing round. The funding was allocated through a specialized user acquisition financing strategy designed to support Midnite’s growth initiatives, including talent acquisition and product development.
This financial vehicle, known as the House Advantage Fund (HAF), is a direct lending fund managed by Discerning Capital. Midnite CEO Nick Wright explained that this arrangement could “triple down on performance and brand marketing campaigns, while preserving cash for innovation and expansion.” The use of a credit facility aims to mitigate the risk of unnecessary dilution as the company scales rapidly. Wright added, “The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs.”
He further emphasized the strength of the partnership between Midnite and Discerning Capital, stating, “This arrangement also signifies the strength of the partnership Midnite has with Discerning Capital. The confidence the team has in what we are doing at Midnite allows us to strive for continued growth and execute our strategy to disrupt the gaming industry for good.”
Earlier, in April, Midnite closed a $10 million Series B funding round. This round was led by Discerning Capital, the Raine Group, and Play Ventures, with additional investments from Venrex and Big Bets. At that time, the company had raised over $35 million in total capital.
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Founded by former Daily Fantasy Sports platform Dribble’s team, Midnite’s UK sportsbook was launched in 2018 in partnership with Sky Bet. In 2023, the company expanded its product portfolio to include horse race betting and iGaming. Over the past year, Midnite has grown its team from 60 to 150 employees. The company operates its betting and iGaming platform entirely in-house and holds licenses in both the UK and Ireland.
Discerning Capital managing partner Davis Catlins commented on the deal, stating, “For too long, the growth trajectory of online wagering operators has been constrained by the limitations of traditional venture capital or credit, which is hard to obtain across the broader gaming ecosystem. By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or onerous repayment structures. This credit facility sets a new benchmark for how ambitious firms in our sector can finance growth.” Midnite UK
