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:

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  Why starting Discerning Capital gave him new empathy for founders

  
  


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  Building a deal-by-deal investor network in a regulated industry

  
  


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  The playbook behind their first investment in Australian operator Picklebet

  
  


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  Why Midnite is a “challenger brand” winning with faster paybacks

  
  


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  How SlotCycle is unlocking a hidden market for used slot machines

  
  


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  The opportunity in underinvested profit pools in Australia and the UK

  
  


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  His high-level thesis on the total addressable market nearing $100B

  
  


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  How the capital flow into sweepstakes models may be slowing

  
  


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  Prediction markets like Kalshi and the regulatory gray zone they face

  
  


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  What a Bet365 acquisition could look like—and why DraftKings might care

  
  


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  Why Discerning Capital is launching a new program for user acquisition/growth  financing

  
  


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  How it works: non-dilutive revolving credit tied to ad performance

  
  


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  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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