Midnite to Triple Down on Growth Thanks to $100M Credit Facility

UK-facing sports betting operator Midnite has secured a revolving credit facility that will power its local expansion. This comes several months after the sportsbook closed a multi-million dollar funding round.

The Funds Will Provide the Company with Financial Flexibility

According to the latest announcement, Midnite has secured a revolving credit facility of up to $100 million from House Advantage Fund (HAF), a direct lending fund managed by Discerning Capital. The latter is a returning ally who played a key role in Midnite’s previous funding round.

Midnite said that it will use the extra funding to continue its rapid expansion without having to dilute its equity.

In short, the credit will fuel Midnite’s growth and marketing, while allowing it to save cash for improving its product and expanding its team with talented new hires.

Midnite Triples Down on Performance and Marketing

Midnite CEO Nicholas Wright said that the funding will allow his team to “triple down on both performance and brand marketing campaigns.”

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 we have with Discerning Capital.

Nicholas Wright, CEO, Midnite

In the meantime, Davis Catlin, a managing partner at Discerning Capital, said that the Midnite financing exemplifies his team’s new model for funding ambitious and promising partnering operators. Catlin explained:

By tying capital deployment to actual marketing performance, we unlock sustainable, aggressive scale without forcing operators into unnecessary equity dilution or onerous repayment structures.

Davis Catlin, managing partner, Discerning Capital.

Midnite’s Series B Round Netted It $10M

As mentioned, Discerning Capital previously supported Midnite’s Series B funding round, which saw the UK-based sportsbook raise $10 million, bringing its total capital to over $35 million. The round was led by Discerning Capital, the Raine Group, and Play Ventures. Additional supporters included Venrex and Big Bets.

As a result of that funding round, Discerning Capital partner and veteran iGaming growth investor David Williams was added to Midnite’s board of directors.