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October 1, 2025 – Midnite, the hyper-growth UK sportsbook and casino, today announced it has secured a credit financing deal worth up to $100 million from House Advantage Fund (“HAF”) to fuel its continued expansion in the UK iGaming market and strengthen its position as a tier-1 operator.
The revolving credit facility is provided by HAF, a specialised user acquisition financing strategy from Discerning Capital, a Las Vegas-based growth capital investment firm focused on regulated gambling and gaming. Discerning Capital, which led Midnite’s Series B funding round earlier this year, was joined by PvX Capital, a Singapore-based financial services firm specialising in user acquisition financing for consumer apps.
This funding structure enables Midnite to access user acquisition financing while simultaneously building cash reserves for non-marketing investments. These reserves can be deployed flexibly into initiatives such as accelerated hiring and product development, ensuring continued top-line growth. Unlike traditional financing in the gaming sector, HAF supports sustained investment into user acquisition without the constraints that often limit operators, while also avoiding equity dilution during rapid scaling.
Nicholas Wright, Chief Executive Officer at 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 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.”
The deal follows Midnite’s successful $10 million Series B funding round in April, led by Discerning Capital, the Raine Group, and Play Ventures, with additional backing from Venrex and Big Bets. This round brought Midnite’s total capital raised to more than $35 million.
Founded in 2018 by Nick Wright and Daniel Qu, creators of the daily fantasy sports platform Dribble in partnership with Sky Bet, Midnite has steadily expanded its offering. The company added horse racing and casino to its sportsbook in 2023, and its team has grown from 60 to 150 employees over the past year.
