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




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