Midnite raises Series B funding to fuel rapid UK growth

Midnite, a hyper-growth UK sportsbook and casino, has raised $10m (£7.7m) during a Series B funding round.

The funding round was led by Discerning Capital, the Raine Group, and Play Ventures, with additional investment from Venrex and Big Bets. This brings Midnite’s total capital raised to more than $35m.

Midnite also announces the appointment of David Williams, a Partner at Discerning Capital, to its board of directors.

Williams, a specialist growth investor focusing on online gambling,  said: “As investors focused on the global gaming industry, we are incredibly excited to partner with the Midnite team who have built one of the most compelling challenger brands anywhere in the world. 

“The company’s continued growth and marketing efficiency validate the company’s unique positioning in its home market of the UK and its broader status as a best-in-class emerging operator globally.”

Midnite’s sportsbook was launched in 2018 by Nick Wright and Daniel Qu, who previously created daily fantasy sports platform Dribble in partnership with Sky Bet. Midnite added horse racing and casino to the product mix in 2023 and Midnite’s team has grown from 60 to 110 over the past 12 months.

Co-founder Wright said: “We’re thrilled to have the support of some of the best investors in gaming. This capital enables us to hit the gas and accelerate our growth strategy while continuing to build game-changing products.

“Our product-centric approach is what has got us to where we are today and we will continue to place the experience of our players as our highest priority. We have product foundations and velocity that no operator has in the UK market.  

“Our goal is to disrupt the UK betting market and become a tier-1 operator with a challenger brand platform for a new generation of players. With this backing, we can move faster, be bolder, and continue to bring fresh, exciting experiences to the market.”

Earlier this month, Midnite was announced as the official UK betting and casino partner of the 2025 World Snooker Championship.

It followed the launch of Midnite’s first TV advertising campaign to promote its casino, with a 30-second advert being aired on Sky, Channel 4 and 5, across both linear TV and streaming platforms.