In a move that signals a paradigm shift in the competitive wagering landscape, Midnite, the hyper-growth UK-based sportsbook and casino operator, has successfully closed a $35 million Series C funding round. The investment was led by Raine Partners IV, the flagship growth equity fund of The Raine Group, a global powerhouse in gaming, sports, and entertainment advisory.
This latest injection of capital brings Midnite’s total equity funding to over $75 million. The round saw robust participation from the company’s existing backers, including Play Ventures, Discerning Capital, Makers Fund, and Big Bets. The equity raise follows closely on the heels of a $100 million credit facility secured earlier this year, providing Midnite with a massive war chest to accelerate its international expansion and product innovation.
Engineering the Future of Play
Unlike many operators that rely on third-party software, Midnite has distinguished itself by building its entire sportsbook and casino platform in-house. This proprietary technology stack allows for a “product-led” strategy, enabling the company to iterate rapidly and deliver a user experience tailored specifically to a new generation of digital-native players.
The Series C proceeds are earmarked for a massive scaling of human capital. Midnite plans to significantly expand its product and engineering teams, keeping its core development “onshore” in the UK to tap into world-class local talent. This move is designed to close the gap with “tier-1” legacy operators and redefine the standard for social and rewarded gaming.
Voices from the Boardroom
“We’re thrilled to have the continued support of some of the best investors in gaming,” said Nick Wright, Co-Founder of Midnite. “Our product-centric approach is what has got us to where we are today… This capital enables us to hit the gas and accelerate our growth strategy as we pursue tier-1 operator status, truly disrupting the industry with a challenger brand platform for a new generation of players.”
John Salter, Co-Founder and Partner of The Raine Group, expressed high confidence in the company’s trajectory: “The Midnite team has a clear vision, with the dedication and passion necessary to be an industry leader in product innovation. We look forward to seeing what comes next as Midnite paves the path forward.”
Anton Backman, General Partner at Play Ventures, highlighted the unique positioning of the brand: “Midnite is a true first-mover in building social, rewards, and live operations at the core of the gaming experience… combining operational excellence in real-money gaming with best practices from leading mobile game publishers.”
Editorial Opinion: Why Midnite is the Industry’s ‘Great Disruptor’
The wagering industry has long been dominated by a handful of legacy giants, often constrained by aging technology and a “volume-over-value” approach to customer acquisition. Midnite represents the first genuine existential threat to that status quo. By maintaining total control over their intellectual property—from the backend architecture to the user interface—Midnite has turned the sportsbook into a high-engagement social platform. Their 2025 growth spurt, which saw the team swell to 150 employees, is not just a result of clever marketing, but a reflection of a superior product that understands the “social” nature of modern gaming.
Furthermore, the backing of The Raine Group is a significant qualitative marker. As advisors and investors who have navigated the most complex transactions for SoftBank, WWE, and UFC, their lead in this Series C suggests that Midnite is being groomed for global tier-1 status. The convergence of real-money gambling with social rewards and live operations—a strategy championed by Play Ventures—positions Midnite at the epicenter of the next decade of entertainment. They aren’t just building a betting app; they are building a technology company that happens to dominate betting.
Under the dual leadership of Nick Wright and Daniel Qu, Midnite has demonstrated a rare ability to bridge the gap between high-tech product development and the strict regulatory requirements of the Great Britain Gambling Commission and the Irish Revenue Commissioner. As they begin their international expansion, the “Midnite Model” of onshore talent and in-house tech is likely to become the new blueprint for successful fintech and gaming ventures worldwide.
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