2 days ago

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

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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.

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