Discerning Capital and PVX Capital will provide $15 million in marketing growth financing to Canadian operator PowerPlay through the House Advantage Fund (HAF), a program designed to fund customer acquisition for regulated gaming operators without equity dilution.
HAF serves as Discerning Capital’s user acquisition financing vehicle, created in partnership with PVX Partners. The program provides gaming operators with non-dilutive capital allocated specifically for performance marketing.
According to the companies, the structure allows operators to grow their customer bases while keeping equity intact, allowing balance sheets to remain available for operational and product investment.
“We built the House Advantage Fund specifically for operators like PowerPlay: disciplined, licensed teams operating in high-growth markets who understand how to translate marketing capital into durable, long-term player growth,” said Davis Catlin, Managing Partner at Discerning Capital.
“Canada is one of the most compelling regulated iGaming opportunities in the world right now, and we are thrilled to be partnering with the entire PowerPlay team. This partnership is exactly what the House Advantage Fund was designed to deliver.”
The HAF fund has issued loans supporting nearly $150 million in advertising spending during the past six months. The fund expects that total to more than double this year.
Discerning Capital said the financing vehicle focuses on regulated gaming operators operating across sports, media, and technology sectors. The firm is based in Las Vegas.
PowerPlay targets customer acquisition in Canada
PowerPlay will use the $15 million facility to accelerate player acquisition and increase brand visibility within Canada’s regulated iGaming market.
The company launched in 2018 and operates an online sportsbook and casino platform offering sports betting across more than 40 sports categories, a full online casino product, and 24/7 live casino games.
“PowerPlay has spent the last several years building a strong foundation in Canada with a highly engaged player base and disciplined approach to growth, delivering strong player value and industry-leading engagement metrics. Partnering with Discerning Capital allows us to accelerate that momentum with a capital partner that understands the economics of regulated gaming,” said Dean Serrao, CEO of PowerPlay.
“With this facility, we can scale our marketing investment significantly while continuing to build the PowerPlay brand across Canada. As additional Canadian provinces evaluate regulated iGaming frameworks, this facility positions us to continue scaling our brand and player base across the country.”
PowerPlay is registered with iGaming Ontario (iGO) and the Alcohol and Gaming Commission of Ontario (AGCO), allowing the company to provide regulated gaming services to Canadian players.
Discerning Capital said the agreement adds to its portfolio of user acquisition financing arrangements within regulated gaming markets in North America and other regions.
The firm said it continues to pursue partnerships with wagering operators that may require additional capital to support marketing spending.
Original article: https://www.yogonet.com/international/news/2026/03/11/117978-discerning-capital-and-pvx-capital-to-provide-15m-marketing-financing-to-powerplay
