Midnite $100M Deal
Published: 1 October 2025
Midnite has secured a $100m revolving credit facility to drive its expansion in the UK iGaming market.
The financing comes from House Advantage Fund, a user acquisition financing strategy by Discerning Capital, alongside PvX Capital.
This structure enables Midnite to finance customer acquisition campaigns while preserving cash reserves for hiring and product development.
Unlike traditional growth-stage funding, the revolving facility avoids equity dilution, allowing the operator to maintain long-term strategy without unnecessary trade-offs.
Nicholas Wright, CEO of Midnite, commented: “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.”
Davis Catlin, Managing Partner at Discerning Capital, added: “By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or burdensome repayment structures.”
The deal follows Midnite’s $10m Series B funding earlier this year and expands on its content partnership with Stakelogic, which added slots and live casino titles to its platform.
Founded in 2018, Midnite has grown its sportsbook offering to include horse racing and casino. With this new financing, the company’s total capital raised now exceeds $135m, and its workforce has doubled to more than 150 employees.