Midnite Secures Major Credit Facility to Bolster UK iGaming Expansion

Key Moments:

  • Midnite has arranged a revolving credit facility worth up to $100 million from House Advantage Fund (HAF) to support its growth in the UK iGaming sector.
  • The flexible financing allows Midnite to invest aggressively in user acquisition while preserving cash for non-marketing initiatives like hiring and product development.
  • This financing follows Midnite’s Series B round, which brought its total funding above $35 million.

Strategic Credit Partnership Drives Expansion

Midnite, a rapidly growing sportsbook and casino operator based in the UK, has entered into a significant credit financing agreement with House Advantage Fund (“HAF”). The facility, valued at up to $100 million, is intended to further strengthen Midnite’s presence in the competitive UK iGaming space and reinforce its position as a tier-1 operator.

The HAF facility is structured as a revolving credit line and originates from a user acquisition–focused strategy run by Discerning Capital, a Las Vegas-based growth capital firm with a specialization in regulated gambling and gaming. Notably, Discerning Capital previously led Midnite’s Series B round. PvX Capital, a Singapore-based financial services provider with a focus on user acquisition financing for consumer apps, also participated in the initiative.

Flexible Financing Model Offers Strategic Advantages

This innovative funding solution enables Midnite to access significant resources for user acquisition efforts while simultaneously safeguarding cash reserves for broader company investments, such as hiring and product innovation. The model supports sustained deployment of capital towards marketing activities, free from many of the constraints associated with traditional gaming industry financing. It also prevents equity dilution during phases of rapid growth, setting it apart from more conventional funding arrangements.

Executive Perspectives on Financing and Growth

Midnite’s Chief Executive Officer, Nicholas Wright, stated:

“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.

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.”

Davis Catlin, Managing Partner at Discerning Capital, added:

“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.”

Background on Midnite’s Funding and Expansion

This new credit facility follows Midnite’s success in raising $10 million in a Series B funding round in April, which included contributions from Discerning Capital, the Raine Group, and Play Ventures, along with additional support from Venrex and Big Bets. The Series B round elevated the company’s total raised capital to over $35 million.

Midnite was established in 2018 by Nick Wright and Daniel Qu, who previously created the daily fantasy sports platform Dribble in partnership with Sky Bet. Since its inception, Midnite has grown its product suite, adding horse racing and casino offerings to its sportsbook in 2023. Over the past year, the company’s team has increased from 60 to 150 employees.

Midnite’s Funding Progression

MilestoneDetails
Series B Round (April)$10 million raised (Discerning Capital, Raine Group, Play Ventures, Venrex, Big Bets)
Total Capital RaisedOver $35 million
Current Credit FacilityUp to $100 million (House Advantage Fund)
  • Author

Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.
Daniel Williams
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