Midnite has secured a $100 million credit facility to support its mission of becoming a Tier-1 operator in the UK.
Credit boost and strategic goals
The funding was secured from Series B investor, Discerning Capital, along with support from Singapore-based PvX Capital. The structure utilised is a House Advantage Fund (HAF), which is a direct lending arrangement based on user acquisition performance.
Midnite CEO Nick Wright said, “This partnership allows us to triple down on performance and brand marketing 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. 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.”
Background & recent funding
Earlier this year, Midnite secured a $10 million Series B funding round, increasing its total capital raised to over $35 million. The round was led by Discerning Capital, with The Raine Group, Play Ventures, Venrex, and Big Bets also participating.
As part of that deal, Discerning Capital partner David Williams joined the board at Midnite.
The business has expanded rapidly. Over the past year, the headcount has increased from approximately 60 to 150. The evolution from a sportsbook into a casino and race betting has strengthened its competitive positioning.
What this means for Midnite and the sector
Utilising a credit facility linked to acquisition metrics allows Midnite to expand without sacrificing additional equity.
✅ The funds will drive aggressive marketing, hiring, product development, and brand expansion.
⭐ Benchmarking iGaming funding reveals a shift toward performance-based financing in regulated gaming sectors.
Midnite’s $100 million credit facility is not just a capital injection, but a strategic lever accelerating the push toward achieving top-tier status. If execution aligns with ambition, it could shift the dynamics among UK challengers.