Ep. 168: Launching a non-dilutive capital model w/ Davis Catlin from Discerning Capital

Ep. 168 features Davis Catlin from Discerning Capital, which invests at the intersection of betting, sports, media, and technology. This episode was recorded on-site at SBC Summit North America 2025 in Fort Lauderdale.

 

Hear him discuss:

• Why starting Discerning Capital gave him new empathy for founders

• Building a deal-by-deal investor network in a regulated industry

• The playbook behind their first investment in Australian operator Picklebet

• Why Midnite is a “challenger brand” winning with faster paybacks

• How SlotCycle is unlocking a hidden market for used slot machines

• The opportunity in underinvested profit pools in Australia and the UK

• His high-level thesis on the total addressable market nearing $100B

• How the capital flow into sweepstakes models may be slowing

• Prediction markets like Kalshi and the regulatory gray zone they face

• What a Bet365 acquisition could look like—and why DraftKings might care

• Why Discerning Capital is launching a new program for user acquisition/growth  financing

• How it works: non-dilutive revolving credit tied to ad performance

• Why it's a win-win model for operators with strong unit economics

 

Catch the video version of this episode here.

 

Learn more 👇

➡️ Discerning Capital website 

➡️ Davis Catlin on Linkedin

The Canadian Gaming Summit is happening June 17–19 in Toronto! Don’t miss out — get 50% off your Full Event Pass using code BETTINGSTARTUPSVIP at checkout. Grab your ticket now: https://sbcevents.com/canadian-gaming-summit/ticket-options/

 

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This podcast is presented by Optimove, the #1 CRM Marketing solution for the iGaming industry. Since 2012, Optimove has served iGaming Operators from startups to industry leaders. Today, 4 out of the Top 5 US Operators Personalize Player Experiences with Optimove. iGaming operators know their growth journey begins and continues with Optimove, the #1 CRM Marketing solution for the iGaming industry.