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.
Balkans
EGT Digital Wins “Online Platform of the Year” for the Second Consecutive Year at the Golden Spade’s Awards 2025
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EGT Digital celebrated a remarkable achievement at this year’s Golden Spade’s Awards, securing the prestigious title “Online Platform of the Year” for its modular platform X-Nave for the second year in a row. The award was accepted by Georgi Mihaylov, Deputy CEO of EGT Digital, marking another milestone in the company’s continued progress and commitment to technological excellence.
In 2025, X-Nave distinguished itself through the integration of EGT Digital’s proprietary in-house AI core, developed entirely by the company’s data science team. This innovation transformed X-Nave into a holistic, intelligent ecosystem with capabilities such as real-time player protection, predictive churn prevention, intelligent campaigns, personalized game recommendations, automated bonus optimization, and enhanced QA through simulated behavior. Combined with its modular structure – comprising the CRM Engine, Gaming Aggregator, Sport Product, and Payment Gateway – X-Nave continues to serve as one of the most advanced and reliable platforms in the industry.
Accepting the award, Georgi Mihaylov expressed his gratitude: “These awards are an exceptional recognition of our work. On behalf of the EGT Digital team, a huge thank you, and I can’t wait for us to come back again next year.”
Special Recognition for Industry Leadership
The Golden Spade’s Awards also honored Mr. Vladimir Dokov, CEO of both EGT Digital and EGT, with the distinguished title “Outstanding Contribution to the Development of the Gaming Industry.” This accolade recognizes his long-term leadership, strategic vision, and significant impact on the growth and evolution of both the Bulgarian and global gaming sectors.
Mr. Dokov accepted the award with a message dedicated to his team:
“What we have achieved is not thanks to me, but thanks to our team of 4,300 people and this award belongs to them.”
A Milestone Year for the EGT Group
These recognitions highlight an exceptional year for both EGT Digital and EGT, reflecting their shared commitment to innovation, responsibility, and delivering impactful solutions for partners and players worldwide.
The post EGT Digital Wins “Online Platform of the Year” for the Second Consecutive Year at the Golden Spade’s Awards 2025 appeared first on European Gaming Industry News.
Carmen Alexander
Entain’s Pitching In Initiative Crowned Grassroots Sports Initiative of the Year
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Entain’s Pitching In initiative has beaten off fierce competition to be named Grassroots Initiative of the Year at the Global Football Industry Awards. Launched by Entain in 2020, the trailblazing initiative has made a huge impact at the non-league level of England’s national game.
Pitching In is the title sponsor of the Isthmian, Northern Premier and Southern Leagues – collectively known as the Trident Leagues – that comprise 264 clubs at Steps three and four of the non-league pyramid.
Pitching In, however, has always been about more than a flagship sponsorship. At the heart of the initiative is the ambition to enhance engagement between football clubs and their local communities. This led to Entain being the founding partner of the Trident Community Fund (TCF).
The TCF was launched to help clubs establish and expand community initiatives, maximising the remarkable impact that grassroots football clubs have on their local area. Every club in the Trident Leagues is encouraged to apply for a grant of up to £5000 annually to support community initiatives. The TCF has now supported more than 150 such projects, helping to expand youth, women’s and walking football, as well as supporting initiatives focusing on local upskilling, tackling anti-social behaviour and supporting local veterans and food banks.
In 2022, Pitching In launched the Volunteer Hub to provide a one-stop online portal for clubs to post volunteering vacancies and for local people to sign up and get involved.
Pitching In’s contribution to the grassroots game has now been recognised at the Global Football Industry Awards, a landmark global ceremony which brings together industry giants and trailblazers from every corner of the football ecosystem.
Pitching In was up against the likes of McDonalds, Barclays, Adidas, Nike and Coca-Cola, who were among the other shortlisted nominees for the Grassroots Initiative of the Year prize. Hosted by football royalty – Jamie Carragher and Peter Crouch – the awards celebrate the visionaries, pioneers and change-makers powering world football from behind the scenes.
Stella David, CEO of Entain, said: “We are delighted to see Pitching In recognised in this manner. Football is central to our business, which is why we feel it is so important to invest in the sport at the grassroots level, playing our part in bringing clubs and their communities closer together.
“When we started this project back in 2020, non-league clubs – and English football more generally – were staring into an uncertain future amid the Covid-19 pandemic.
“The grants Pitching In provided at that time proved crucial and we have continued to grow our relationship with the more than 260 clubs, who are the backbone of the English game, over the time since. We love supporting grassroots football and are excited by how this partnership can grow and evolve further.
“We would like to thank the Northern Premier League, Isthmian League and Southern League for their continued support, along with every single volunteer who gives up their time for their local football club. The game at this level could not run without you and Pitching In will continue to do what we can to highlight your invaluable contributions.”
Carmen Alexander from the Global Football Industry Awards added: “Congratulations to Entain and all 2025 Global Football Industry Award winners.
“Our judges were impressed by the commitment Entain has shown to grassroots football over a prolonged period of time and particularly the Trident Community Fund, which continues to make a tangible difference to non-league clubs across the country. Entain is very worthy of this recognition.”
The post Entain’s Pitching In Initiative Crowned Grassroots Sports Initiative of the Year appeared first on European Gaming Industry News.
Industry News
Sky Bet Relocates Headquarters to Malta
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Sky Bet has relocated its headquarters to Malta, a move that could cut its UK tax bill by tens of millions of pounds a year. The change will mean less money for the government at a time when the public finances are under strain.
The chancellor needs to increase tax revenues and is under pressure to levy higher duties on the betting industry – something the industry is aggressively campaigning against. Sky Bet, which describes itself as “the UK’s No. 1 betting app,” has moved its sportsbetting business to the Maltese branch of a new UK company, SBG Sports Limited.
Flutter Entertainment PLC, Sky Bet’s parent company, first told staff about the move in June, alongside a plan to make around 250 people in the UK redundant. At a meeting which was live-streamed across Flutter’s “UK and Ireland” business, workers in Leeds, Sunderland, London, Dublin, Gibraltar, Porto and Cluj were told the relocation of Sky Bet to Malta was driven by a “need to operate more efficiently” and to reduce costs.
Steve Birch, chief commercial officer of Sky Betting and Gaming, said that from November 1, “day-to-day commercial and marketing decision making will take place in Malta,” although Sky Bet’s Leeds office would continue to be one of Flutter’s largest.
The post Sky Bet Relocates Headquarters to Malta appeared first on European Gaming Industry News.
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