Midnite, the hyper-growth sportsbook and casino, has announced a credit financing deal worth up to $100m to accelerate its expansion in the UK iGaming sector.
The revolving credit facility is provided by House Advantage Fund (“HAF”), the user acquisition financing vehicle operated by Discerning Capital, alongside Singapore-based PvX Capital. Discerning Capital, which led Midnite’s Series B round earlier this year, specialises in growth capital across regulated gambling and gaming.
The financing provides Midnite with flexible access to user acquisition capital while enabling the company to build cash reserves for product development, hiring, and strategic growth initiatives—all without the dilution risks associated with equity fundraising. 
Nicholas Wright, CEO of Midnite, said:
“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.”
Davis Catlin, Managing Partner at Discerning Capital, commented:
“For too long, operators have been constrained by the limitations of traditional venture capital or credit. By tying capital deployment to marketing performance, we unlock sustainable, aggressive scale without forcing unnecessary dilution. This facility for Midnite sets a new benchmark for how ambitious firms in our sector can finance growth.”
The deal builds on Midnite’s $10m Series B raise in April 2025, led by Discerning Capital, The Raine Group, and Play Ventures, with additional backing from Venrex and Big Bets. To date, Midnite has raised over $35m in equity investment.
Founded in 2018 by Nick Wright and Daniel Qu, the London-based sportsbook has expanded rapidly, adding horse racing and casino products in 2023. The team has grown from 60 to 150 employees in the last 12 months.
