Episode 168
Ep. 168: Launching a non-dilutive capital model w/ Davis Catlin from Discerning Capital
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Monagan
Show Notes
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/
📩 Get the top headlines from the industry's most promising growth-stage companies every week—totally free! Subscribe to the Betting Startups newsletter here: https://news.bettingstartups.com/
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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.
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/
📩 Get the top headlines from the industry's most promising growth-stage companies every week—totally free! Subscribe to the Betting Startups newsletter here: https://news.bettingstartups.com/
--
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.