Esports betting platform Midnite raises over $2.5m in funding round

Esports betting platform Midnite has secured a cash injection worth over $2.5m led by gaming investor Makers Fund, bringing the total funding to date to $4.5m.

The London-based newcomer’s previous investors include VC firm Venrex Investment Management, as well as founders and executives from egaming giants Betfair and GVC Holdings.

The start-up has also secured a licence from the Gambling Commission, making it the only pure esports betting operator that can legally accept UK customers.

Midnite, which serves up pre-match and in-play betting on professional matches such as League of Legends, DOTA 2 and Counter Strike Global Offensive, has been in private Alpha mode since last April. In Q4 2019, the company saw total bets for the year more than double.

The aim is to launch publicly in Q1 2020 after assembling talent from both the esports and betting industries to build and iterate the desktop and mobile product entirely in house.

Midnite co-founder Nick Wright said: “We have been in an Alpha for half a year now and are already seeing significant turnover. We are building everything in-house and are keen to offer the best experience for esports fans in the market. Customers have been loving the platform and we in turn are fine-tuning the product specifically for them.”

He added: “Every day our waitlist for access keeps growing and we are extremely pleased with the way the product been received so far.”