eSports betting platform Midnite has raised an extra $2.5 million in funding. This brings its total funding-to-date up to $4.5 million, with the operator preparing for a UK launch.
The most recent investment round was led by Makers Fund, an investor specialising in the gaming industry. Midnite has also received funding in the past from founders and executives, from the likes of Betfair and GVC.
Taking eSports mainstream
eSports is a sizeable betting market, but remains in the ominous shadow of sports betting and online casino. It’s expected to have almost tripled in size since the end of 2016 by the end of this year, with wagering projected to go beyond $12 billion.
Unlike many major operators, Midnite focuses just on eSports. Its intention is to bring the vertical beyond the extra pages on many sportsbook pages. Co-Founder Nick Wright said:
“eSports fans are a new customer category and deserve a platform tailored to them.
“Unlike traditional sports bettors, who are used to a specific look and feel, eSports bettors want something different that puts them at the forefront of the action.”
Expansion coming soon
Midnite’s launch into the UK could be a defining moment for both the company and eSports wagering in general. When it arrives, it’ll be the only dedicated operator for this vertical with a licence here.
Wright and fellow Co-Founder, Daniel Qu, already have experience in the UK market. In the past they built Dribble, which was one of the country’s most popular Daily Fantasy Sports platforms. They’ve also worked in partnership with SkyBet.
Since April 2019, Midnite has been a private alpha company. In Q4 last year, its total wagers for the year almost doubled. Wright expressed his gratitude for customers’ positive reception to their work.
“Customers have been loving the platform and we’re in turn fine-tuning the product specifically for them,” he said.
“Every day, our waitlist for access keeps growing. We’re extremely pleased with how the product has been received so far.”