Midnite Raises £26m Series C to Chase Tier-One Status in UK Sports Betting

Midnite, the London-founded sportsbook and casino operator, has announced the close of a £26 million Series C funding round led by Raine Partners IV — the flagship growth equity vehicle of The Raine Group, the global merchant bank known for investments across gaming, sports, technology and entertainment. Returning investors Play Ventures, Discerning Capital, Makers Fund and Big Bets also participated, lifting Midnite's total equity raised to more than £55 million. The raise follows a £75 million credit facility the company secured earlier in 2025 to fund marketing and broader growth initiatives.

The UK online gambling market remains fiercely competitive, dominated by global operators with significant marketing budgets and deeply entrenched customer bases. Challenger brands have historically struggled to close the gap, often forced to rely on the same third-party technology stacks as incumbents, limiting their ability to differentiate on product quality or player experience. Consumer expectations, however, continue to shift toward platforms that are faster, more social and more personalised — an opening that product-first challengers are increasingly well-positioned to exploit.

Founded in 2018 by Nick Wright and Daniel Qu — who previously built daily fantasy sports platform Dribble through a partnership with Sky Bet — Midnite distinguishes itself by developing its entire sportsbook and casino platform in-house rather than licensing software from established suppliers. This proprietary stack spans its core sportsbook, horse racing and casino products, all of which were live and generating revenue ahead of the raise. The company grew its headcount to 150 employees during a period of rapid expansion in 2025 and has committed to keeping all engineering teams onshore in the UK.

The Series C proceeds will be directed primarily toward hiring, with particular emphasis on product and engineering talent. Midnite frames this as a deliberate strategy to close the performance gap with the market's largest operators through continuous product iteration rather than marketing spend alone. International expansion is also on the roadmap, with the company intending to leverage its proprietary technology as a competitive advantage in new markets.

Raine is a notable strategic backer in this context, given the firm's long track record across the gaming and sports sectors — prior investments include DraftKings and Jackpocket. For Play Ventures, the round represents continued conviction in Midnite's thesis that real-money gaming and mobile gaming design practices are converging, with Midnite positioned as an early mover in building social, rewards and live operations into the core product experience.

Sources

• Soapbox VC – Midnite announces £26m Series C
• Business Wire – Midnite Completes $35 Million Series C
• NEXT.io – Midnite attracts new backing
• BusinessCloud – Midnite secures £26m Series C to ramp up plans