Esports Betting Platform Secures $2.5 Million In Funding

• Midnite is a U.K-based sports betting platform.
• The Makers Fund has given Midnite over $2.5 million to fund its platform.
• Midnite believes that esports betting will bring in completely new customers.

LONDON – Midnite is a new esports betting platform based in London and the company received over $2.5 million in funding this week from Makers Fund.

Midnite says that they want to create a unique betting experience that is tailored made for esports betting. The Midnite platform not only allows bettors to wager on esports, but they can also watch games on the app as well. The founders of Midnite believes that this allows them to offer better live betting opportunities.

“What makes esports differ from other sports is the constant action and its highly dynamic nature. This is conducive to a variety of live betting opportunities that you can seldom find in real sports. Users can bet on your standard match winners and losers, but they can also bet on unique selections such as next kill or next objective achieved while matches are in-play,” said Nick Wright, Midnite co-founder.

The Makers Fund is a company that believes that the video game industry is growing faster than ever. In their manifesto, the Makers Fund lists numerous examples of why the gaming industry is growing. The company wants to help fuel this industry and that is likely the reason they are funding Midnite.

The Makers Fund is not the only company that has invested in Midnite. Other companies such as Betfair, Venrex Investment Management, and KM Capital Management are also helping to fund Midnite. Thanks to the Makers Fund, Midnite has gained $4.5 million in total funding. Midnite is fully licensed and legal in the United Kingdom and the company is looking for licensing outside of the country.

Midnite Not Likely To Come To The United States

Although Midnite is looking to tap into a worldwide audience, it is unlikely that the United States will be able to use the platform. More states are legalizing sports betting but that does not mean esports betting will follow.

Sports betting is becoming legalized on a state by state basis which means each state decides on the rules and regulations for wagering. So far, most states have elected to not accept wagers on esports events due to the fact that some events feature players that are under the age of 18. Some states such as Indiana have even outright banned esports betting.

Although Midnite is a growing platform, it is unlikely that it will make its home in the United States anytime soon.

News tags: Betfair | eSports | KM Capital Management | London | Makers Fund | Nick Wright | United Kingdom | Venrex Investment Management