LONDON, United Kingdom – London-based eSports betting platform Midnite recently raised over $2.5 million in funding from investments from several entities. The primary contributor to the funding was the venture firm Makers Fund, a company primarily centered on gaming.
Another firm that invested in the past include Venrex Investment Management, a London VC firm. Several “founders and executives” whose names were not disclosed, from prominent gaming companies such as GVC and Betfair, also chipped in with their investments.
This new funding milestone brings their new platform’s total funds to approximately $4.5 million USD. Midnite, best known for the daily fantasy football app Dribble, had been planning the betting platform since their founding in 2016.
Nick Wright, co-founder of Midnite, said that betting is the best opportunity to be had in the eSports market, given its exceptionally speedy year-by-year growth.
The expected gross income of the eSports betting industry is $12 billion by the end of the year 2020. This projection points to betting being one of the fastest-growing revenue opportunities in the world of eSports.
At the moment, however, Wright says that eSports betting is simply an additional income stream for most big legacy sports betting sites, even though the statistics point to its vast and promising future.
This, according to Wright, is unfair. eSports fans, he says, are not simply another category of sports fan, but rather their own category of sports betters altogether.
Thus, they deserve their own platform, perfectly designed for their needs and tastes, which is what Midnite was built for.
Despite its betting focus, however, Wright is pitching Midnite as an “entertainment platform” that offers to immerse eSports fans in their favorite events as well as give a platform to cast wagers.
Wright says he aims for Midnite to give fans the thrill of spectating and analyzing tournaments as well as betting on the eSports teams and players that they follow.
eSports’ dynamic nature and nonstop action is immensely beneficial to its live betting opportunities, says Wright. Such, according to him, is seldom found in real sports.
Besides betting on who wins and losses, Midnite users can also cast wagers on who gets killed or what objective gets completed next, all while the match is in session.
Midnite is currently in an invite-only beta phase of development. However, the startup had already been granted a betting license in the U.K. Being the biggest betting market in the world in Wright’s opinion, the UK is rife for the introduction of eSports betting.