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Fintech Deals

Midnite, a U.K.-based sports betting and casino gaming startup, raised $35 million led by The Raine Group, CEO Nick Wright tells Axios exclusively.

Why it matters: It plans to go head-to-head against giants of the industry, including $35.3 billion Flutter Entertainment and $5 billion Entain.

Context: The U.K. sports betting market has been legal since the 1960s.

Flutter, for example, can trace its history back to 1988, while Entain was founded in 2004.

What they're saying: "Its a lot of dinosaur, slow-moving incumbents that are their legacy roll-up plays with larger code bases," Wright says. "It hasn't had the same disruption that fintech, banking, or investing has had ... picture a Robinhood of gaming."

Focused on the under-35 crowd, Midnite has aimed to make its sign-on and betting process smoother, faster, and mobile-first.

What we're watching: Midnite plans to add regions — but the U.S. is not one of them — and more elements, like social gaming, to its platform.

Zoom out: The investment comes at a time when newcomer prediction markets are taking a lion's share of venture capital.

Although the economics of prediction markets are still evolving, sports betting is currently still the more profitable, Raine partner Garrett Gomes says.

Midnite is sticking mostly to sports betting and casino games, with the customer usually playing against the house rather than another player.

The big picture: The Series C also comes after the U.K. significantly increased taxes for online gambling operators last year. The increases led incumbent Evoke to consider strategic options, including a breakup.

Flutter said the new rules could lead to a $320 million hit to its adjusted EBITDA in fiscal year 2026.

Midnite believes the rules are an opportunity to win market share. Wright also believes the company's tech-first approach will help keep costs down.

"You're going to see more consolidation, or players leaving the market, reduced marketing spend, or poor offerings in the market. We're viewing it as a challenger opportunity," Wright says.

Exclusive: Sports-betting startup Midnite raises $35M

It plans to go head-to-head with the incumbents outside the U.S.

Illustration of a hand of high cards in five separate mobile phones. 

Midnite, a U.K.-based sports betting and casino gaming startup, raised $35 million led by The Raine Group, CEO Nick Wright tells Axios exclusively.Why it matters: It plans to go head-to-head against giants of the industry, including $35.3 billion Flutter Entertainment and $5 billion Entain.

Exclusive: Sports-betting startup Midnite raises $35M

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