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The Venture Codex

Discerning Capital

50 Olympia Hills Circle, Las Vegas, Nevada, 89141, United States

Overview

Discerning Capital is a collaborative capital that focuses on the intersection of gambling, technology, sports, and media.

Total investments
8
Lead investments
7
Investments · 12mo
5
Active investors
2

Sector focus

  • Financial Services
  • Media and Entertainment
  • Online Games
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Investment portfolio

  • PowerPlay

    Led · Equity · Mar 2026

    PowerPlay operates an online sportsbook and igaming platform licensed in Ontario, having launched in 2018. The company re-launched its mobile apps on iOS and Android in Ontario last year to better serve local players. PowerPlay runs its offering on GiG Software Plc’s platform and sportsbook, leveraging GiG’s AI tools DataX and LogicX and machine-learning models to support player acquisition and retention. The business reports strong player engagement metrics and is pursuing growth through increased marketing and customer acquisition. To fund that growth, PowerPlay secured a $15 million financing facility from the House Advantage Fund supplied by Discerning Capital and PVX Capital. Management says the funding will allow it to scale marketing spend and expand the PowerPlay brand across Canada as additional provinces evaluate regulated iGaming frameworks.

  • Jackpot

    Led · Debt Financing · Jan 2026

    Jackpot.com is an independent lottery courier platform that lets customers buy official state lottery tickets and, in select markets, scratch-off tickets through its web and mobile interfaces. The company currently serves seven U.S. states—Arizona, Arkansas, Colorado, Massachusetts, New Jersey, New York, and Ohio—positioning itself as a convenient alternative to in-store ticket purchases. Its core product streamlines ticket ordering, processing, and prize collection while complying with individual state regulations. Management is now focused on deepening penetration in existing jurisdictions and expanding into additional states as regulatory landscapes allow. To fuel that growth, Jackpot.com secured new financing that improves liquidity and supports an acquisition-heavy customer growth strategy. Leadership emphasized the importance of flexible capital to handle demand spikes that occur around billion-dollar jackpots. Although specific revenue or user figures were not disclosed, investors highlighted the company’s role in modernizing a century-old lottery industry.

  • Midnite

    Participated · Series C · Jan 2026

    Midnite operates a proprietary sportsbook and casino platform that it develops entirely in-house, enabling a customer-centric, safety-focused experience for real-money gaming fans. Founded in 2018 by Nick Wright and Daniel Qu, the company launched its sportsbook the same year, added horse racing and casino products in 2023, and has since grown to around 150 employees. Midnite positions itself as a challenger brand aiming for tier-1 operator status and plans to channel new capital into scaling operations, expanding its product team and accelerating international expansion. Its strategy places social features, rewards and live operations at the core of the gaming experience, borrowing best practices from mobile game publishers. The firm is licensed and regulated by the Great Britain Gambling Commission and the Irish Revenue Commissioner. To date, Midnite has raised over $75 million in equity funding and also secured a $100 million credit facility earlier this year to fund marketing initiatives and further growth.

  • Outlier

    Led · Series A · Dec 2025

    Outlier offers a data-driven research platform that aggregates real-time odds, historical performance trends, and predictive analytics from major sportsbooks, giving users a sophisticated edge in sports betting. The company operates on a subscription-only model—eschewing affiliate revenue—and now counts tens of thousands of paying subscribers, hundreds of thousands of total users across the U.S., U.K., and Australia, and more than 14,000 five-star App Store reviews. Headquartered in New Orleans, Outlier maintains a five-person core product team and leverages the city’s tech ecosystem to attract and retain talent. Initially launched as a social sports-talk app, the startup pivoted to analytics and has since become a market-leading research tool in the fast-growing sports wagering sector. With fresh capital, Outlier plans to deepen its real-time models, broaden its product suite, and scale marketing to accelerate subscriber growth. The company is also expanding its engineering and customer success teams while exploring new international opportunities. Although specific revenue figures were not disclosed, management emphasizes rapid subscriber and user adoption as key growth indicators.

  • Yaspa

    Led · Equity · Jul 2025

    Yaspa provides instant payments and identity services via a proprietary real-time payments solution called Intelligent Payments, leveraging open banking and AI. The company describes itself as award-winning and focuses on elevating customer intelligence for regulated businesses. It processes payments across a growing number of markets in Europe and has recently incorporated a US entity in Atlanta, Georgia. Yaspa plans to expand its platform into the United States, hiring a local team, building strategic partnerships and adapting the product to market needs. The company is targeting operators that prioritize compliance, player safety and user experience as markets mature. Its core product centers on A2A payments and player-protection features intended to reduce chargebacks and improve operator controls.

Team