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Midnite, the fast-growing UK sportsbook and casino, has secured a $100 million credit facility that will fuel its expansion and strengthen its push toward becoming a top-tier operator.
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The London-based operator confirmed the deal on October 1, 2025, noting that the revolving credit line will help drive user growth and build long-term cash reserves. With flexible access to capital, Midnite can scale faster without sacrificing equity, a hurdle many iGaming companies face.
Discerning Capital, which already led Midnite’s Series B earlier in the year, joined forces with PvX Capital to provide this structure through HAF, a financing strategy designed specifically for user acquisition in regulated gaming.
CEO Nicholas Wright said the new setup puts the company in a stronger position:
“This partnership allows us to triple down on both performance and brand marketing campaigns, while preserving cash for innovation and expansion. The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs.”
Traditional venture capital often struggles to support fast-moving operators because of high costs, dilution, or strict repayment structures. By contrast, the HAF model ties capital to marketing performance, offering a way to scale aggressively while keeping ownership intact.
Davis Catlin, Managing Partner at Discerning Capital, explained:
“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 for Midnite sets a new benchmark for how ambitious firms in our sector can finance growth.”
The funding follows Midnite’s $10 million Series B in April, which brought the company’s total raised capital to more than $35 million. Backers included Discerning Capital, the Raine Group, Play Ventures, Venrex, and Big Bets.
Founded in 2018 by Nick Wright and Daniel Qu, who had previously launched the fantasy sports platform Dribble with Sky Bet, Midnite has steadily widened its product range. Sportsbook was the starting point, but horse racing and online casino were added in 2023. Over the past year, the team size more than doubled from 60 to 150 employees.