Renowned betting operator Midnite has secured up to $100 million in credit financing from House Advantage Fund (HAF) to accelerate its expansion in the United Kingdom’s iGaming market.
The funding provides Midnite with significant user acquisition capital while preserving cash reserves for broader investment. Unlike traditional venture capital or debt financing, the structure avoids equity dilution and offers greater operational flexibility.
The revolving credit facility is backed by Discerning Capital, which specializes in growth capital for regulated gaming, and Singapore-based PvX Capital, a firm focused on user acquisition financing for consumer applications.
“This partnership allows us to triple down on both performance and brand marketing campaigns, while preserving cash for innovation and expansion,” Nicholas Wright, Midnite’s Chief Executive Officer, said.
“The flexibility of the House Advantage structure means we can pursue our long-term strategy with greater conviction and fewer trade-offs. 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,” Wright added.
Midnite set for U.K. expansion after fresh funding boost
Midnite intends to use the fund to ramp up marketing efforts, scale its workforce, and expand its product portfolio beyond its diverse sportsbook and premier casino, all while safeguarding a strategic cash reserve.
The deal comes after Midnite’s $10 million Series B round in April 2025, led by Discerning Capital, The Raine Group, and Play Ventures, with participation from Venrex and Big Bets. That round brought the company’s total equity raised to more than $35 million.
Founded in 2018 by Wright and Daniel Qu, Midnite began as a sports betting operator before branching into horse racing and casino in 2023.
The company has grown rapidly, doubling its workforce over the past year, and is now targeting tier-one status in the U.K.’s highly competitive online gaming sector. Alongside this, it maintains a strong esports focus, with offerings in CS2, Dota 2, and League of Legends.
Davis Catlin, Managing Partner at Discerning Capital, said the credit facility demonstrates a new approach to financing progressive betting operators like Midnite.
“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 structure,” Catlin said.
With the fresh credit and a clear strategy for expansion, Midnite is making itself a major contender in the U.K. iGaming industry, leveraging flexible financing to fuel growth without compromising long-term vision.
