Midnite has secured $100m in credit from new and existing investors to facilitate its journey to become a UK tier-1 igaming brand.

The $100m credit facility sees investors back the venture financing strategy of Discerning Capital, branded as House Advantage Fund (“HAF”). 

Las Vegas–based Discerning Capital has served as an early-stage backer of Midnite, the challenger iGaming brand founded in 2018 by first-time entrepreneurs Nick Wright and Daniel Qu.

The HAF strategy is designed for ‘hyper-growth’ gaming enterprises to access deeper financing without the need for equity dilution typically associated with traditional venture capital. 

Midnite will use the facility to accelerate marketing campaigns, expand hiring, and build out product lines beyond sportsbook and casino, whilst maintaining a strategic cash reserve.

Singapore-based PvX Capital, a VC  specialising in user acquisition financing for consumer apps, has backed the facility, joining Discerning Capital in deepening capital access to elevate Midnite. 

“This partnership allows us to triple down on performance and brand marketing while preserving cash for innovation and expansion,” said CEO Wright. 

“The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs. It gives us the firepower to compete with established giants while still doing things differently with a leaner, tech-first approach that puts players, not legacy systems, at the centre of our business.”

Davis Catlin, Managing Partner at Discerning Capital, said the financing reflects a new approach for high-risk igaming ventures: 

“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 for Midnite sets a new benchmark for how firms in our sector can finance growth.”

The deal follows Midnite’s $10m Series B round in April, led by Discerning Capital, the Raine Group and Play Ventures, taking total equity raised to over $35m. With staff numbers growing from 60 to 150 in the past 12 months and new verticals such as horse racing and casino added in 2023, Midnite is positioning itself as a homegrown challenger to the established UK gambling incumbents.

Interviewed by SBC in April following its $10m raise, CEO Wright detailed Midnite’s ambitions to “shake the status quo of UK igaming to its core.” He compared the challenger’s in-house engineering of its sportsbook and online casino platform to creating a “Revolut of iGaming brands” and set a goal of building the first +£1bn unicorn of UK online gambling since Sky Bet in the 2000s

Wright added that “British gambling has been dominated for too long by a handful of incumbents. We want to show that a challenger with the right tech and the right backers can change the rules of the game.”