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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