A new esports betting company known as Midnite has raised more than $2.5m in funding.
The firm – which allows fans to bet on CSGO, League of Legends, Dota 2, Call of Duty, Fortnite, Rocket League and other games – is licensed and regulated by the UK Gambling Commission.
Midnite has already secured investment from Venrex Investment Management as well as senior management from the likes of Betfair and GVC, reports Techcrunch.
This new round of funding led by Makers Fund brings the total secured to around $4.5m.
Midnite is currently allowing prospective customers to sign up to the early access version of their platform before it’s pushed live.
Midnite co-fonder Nick Wright told TechCrunch in the article linked above:
“The esports market is seeing rapid year-on-year growth and we believe that betting represents the single biggest opportunity in this space.”
Nick Wright, Midnite
“Wagering on esports is expected to exceed $12 billion by the end of 2020, making betting already one of the fastest growing verticals within esports.”
The firm recently acquired a betting license in the UK.
Over the years, some traditional bookmakers have added esports betting options to their platforms, allowing fans to bet on certain esports games and matches.
Several esports-focused betting providers have emerged in recent years, including Luckbox, of which well-known British esports host Paul ‘Redeye’ Chaloner has been an ambassador. Last year Paul Chaloner told Esports News UK in an interview: ‘There’s been some scandals in esports gambling [in the past] and I don’t want there to be any.’
Dom is an award-winning writer and finalist of the Esports Journalist of the Year 2023 award. He graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
As a long-time gamer having first picked up the NES controller in the late ’80s, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV and others. He worked as head of content for the British Esports Federation up until February 2021, when he stepped back to work full-time on Esports News UK and offer esports consultancy and freelance services. Note: Dom still produces the British Esports newsletter on a freelance basis, so our coverage of British Esports is always kept simple – usually just covering the occasional press release – because of this conflict of interest.
