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/   📩 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.