Midnite, the hyper-growth UK sportsbook and casino, has announced it has received a credit financing deal worth up to $100m from House Advantage Fund (“HAF”) to facilitate its continued growth in the UK iGaming market and continue its push to become a tier-1 operator.

The revolving credit facility is provided by HAF, the specialised user acquisition financing strategy, provided by Discerning Capital, a leading Las Vegas-based growth capital investment firm that focuses on the regulated gambling and gaming sectors, which led Midnite’s Series B funding round earlier this year, and PvX Capital, a Singapore-based financial services firm focused on user acquisition financing for consumer apps.

With access to user acquisition funding, Midnite can grow and simultaneously build a cash reserve for non-marketing investments. These cash reserves can then be used flexibly and strategically to invest in growth initiatives such as accelerated hiring and product development while their top line revenue continues to grow.

HAF allows for continued growth and investment into user acquisition with the traditional financial constraints that remain prevalent in the broader gaming industry. Furthermore, credit financing removes the risk of unnecessary dilution when scaling at speed.

Nicholas Wright, Midnite’s Chief Executive Officer, 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.