Kutt, a leader in the social betting industry, announced today its impressive achievements for the first quarter of 2024, securing over $1 million in funding and reaching a milestone of 10,000 users. A recent survey of 1,000 bettors, commissioned by Kutt, has defined user preferences in social betting, solidifying Kutt’s leadership in the sector.
Sim Harmon, CEO and founder of Kutt, highlighted the age-old social nature of betting. “Consumers are increasingly seeking a more communal, engaging betting experience, looking to connect with friends over sports, entertainment, and major events,” said Harmon.
Since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, the betting landscape has expanded, with 82% of bettors showing interest in peer-to-peer betting on a decentralized platform. Kutt’s survey also revealed that bettors are keen on placing bets on a variety of non-sporting events. Eighty percent showed interest in non-sport events, 77% in entertainment, 62% in politics, and 60% in personal life events, underlining a broad scope of betting interests.
The survey further noted that 61% of bettors had placed bets with friends in the past year, surpassing those who bet through traditional sportsbooks (60%). Additionally, more than half of U.S. bettors have dedicated group chats for betting, and 60% communicate via text about ongoing bets during events.
Kutt’s recent funding round, led by Lightning Capital, a backer of digital assets and online communities, will support efforts to expand the Kutt community, enhance user experiences, and diversify betting options.
Jock Percy of Lightning Capital remarked on their investment decision, “Kutt stood out with its vibrant community, expanding partnerships, and a unique product that matches our investment criteria in fast-growing sectors. We’re excited to support their trailblazing in the social betting arena.”
Kutt promises a modern betting experience, allowing users to engage in bets on meaningful events with friends or other users online and via mobile. Unlike traditional platforms that offer limited betting options with high vig, Kutt provides a tailored betting experience that aligns with what today’s bettors demand.
