Industry News
Kutt Secures $1 Million+ in Funding and Surpasses 10,000 Users
Kutt, the leading social betting platform, announced that it closed the first quarter of 2024 with a successful fundraise of over $1 million and that it has surpassed the 10,000 user mark. The company also commissioned a study of 1000 bettors that clearly defines what social betting is and what users want — further cementing its ownership of the space.
“Betting has been a social activity for thousands of years, so it’s no surprise that consumers want the ability to facilitate and track wagers against their friends. If anything, bettors unquestionably prefer a more curated, social experience — they want to be part of a wider community and to be part of the conversation around sports, entertainment, and important events,” Sim Harmon, CEO and founder of Kutt, said.
While sports betting has boomed across the country since the Professional and Amateur Sports Protection Act (PASPA) was overturned in 2018, established gambling companies have largely stuck to the tried-and-true format sportsbooks have been using for decades — traditional sports bets against the house. But consumer desire to experience more has increased as the betting industry has matured, with 82% of bettors interested in wagering directly against their friends and other individuals through a decentralized platform, according to Kutt’s recently commissioned survey.
The survey found that, in addition to Kutt’s traditional offerings, an overwhelming majority of bettors (80%) are interested in wagering on non-sporting events, with 77% wanting to bet on entertainment, 62% interested in wagering on politics, and 60% with a desire to bet on life events. Kutt allows users to wager with friends on any event with publicly verifiable results, making it the ultimate “put your money where your mouth is” destination for fans. The survey also shed light on some compelling aspects and trends among current bettors, including:
- A higher percentage of bettors surveyed placed a wager with a friend in the past year (61%) vs. a sportsbook (60%)
- More than half of U.S. bettors (54%) have betting group chats with friends
- A majority of U.S. bettors (60%) text their friends about the progress of a bet while watching a game.
Adding further validity to the findings of the survey and the demand for a real-money social betting experience is Kutt’s recent $1 million+ institutional fundraise, led by Lightning Capital, a firm that invests in digital assets and online communities. The investment will fuel initiatives aimed at growing the Kutt community, enhancing user experiences, and expanding betting markets.
“We look for emerging companies in high-growth industries to invest in. Kutt’s enthusiastic user base, rapidly growing partnership portfolio, and their differentiated product offering were very attractive to us. We are eager to help them continue to define and own the social betting space,” Jock Percy, General Partner at Lightning Capital, said.
Novomatic Netherlands has appointed Alexander Legat as its CEO.
Legat takes over from Zane Mersich, who has moved onto the company’s Supervisory Board.
His appointment has bolstered Novomatic Netherlands’ management team with two decades of legal and operational experience in the gaming industry.
Legat will also bring knowledge gained at Novomatic’s Austrian subsidiaries into his new role.
“I am grateful for the new operational role in the dynamic Dutch market and look forward to working with the local team and the opportunities that lie ahead,” he said.
The Novomatic Netherlands’ management board said in a statement: “With Dr. Alexander Legat, Novomatic Netherlands is gaining a first-rate legal expert who not only knows the group extremely well but has also already worked closely with the national subsidiaries.
“His appointment is an important step in our work to successfully meet the future challenges in the Dutch market and further expand our position.”
The post Novomatic Netherlands Appoints Alexander Legat as CEO appeared first on European Gaming Industry News.
During this year’s Charity Night, AskGamblers raised €106,500, thanks to their partners who auctioned for paid positions on the website. The funds raised on 12 June are now being donated to the Hydrocephalus and Spina Bifida Association of Serbia (HISBAS).
Every year, AskGamblers hosts a Charity Night as part of AskGamblers Awards, during which the company’s partners auction for paid positions on the website. On 12 June, AskGamblers raised a record-breaking €106,500.
As Charity Month 2024 kicks off, the entire sum raised during Charity Night will be donated to the Hydrocephalus and Spina Bifida Association of Serbia (HISBAS), an organisation that aims to improve and protect the health and quality of life of children living with spina bifida and hydrocephalus.
Dijana Radunović, General Manager at AskGamblers, commented: “It is always a thrill to raise another record-breaking sum, especially as it is all for a good cause. We couldn’t be more grateful to our partners for their contributions; none of this would be possible without them. Thank you for making another Charity Month a success.”
The post AskGamblers Kicks Off Charity Month by Donating €106,500 to HISBAS appeared first on European Gaming Industry News.
Stretch Network, an online poker software provider dedicated to strategically supporting its partners in developing and optimising poker operations, will participate in the SBC Summit Lisbon 2024 at stand B155. Offering a comprehensive range of services, including custom website development, ongoing maintenance and assistance in obtaining the necessary operating licenses, Stretch Network provides tailored solutions for various operational models, such as White Label, API and Turnkey, ensuring that its partners have the most suitable tools for success.
The SBC Summit Lisbon is anticipated to be one of the industry’s most significant events this year, offering a premier platform for learning, networking and exploring the latest industry trends. Stretch’s participation underscores its commitment to innovation and collaboration within the online gaming sector.
As one of 600 exhibitors, the Company will showcase its latest offerings and features, engage with industry professionals and existing partners, explore future collaborations and discuss necessary developments that will shape the tomorrow of online poker.
The post Stretch Network at SBC Summit Lisbon 2024 appeared first on European Gaming Industry News.
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