Kutt, a peer-to-peer sports betting platform, has received an influx of fresh capital.
The innovative online gaming platform, which allows users to bet against one another on various markets including politics and pop culture, has closed a $1 million funding round led by digital asset investment firm Lightning Capital. The round allows New York-based Kutt to expand betting markets and enhance experiences for its more than 10,000 users.
“It’s evident that consumers want more options in the wagering space, beyond what traditional sportsbooks offer,” Kutt founder and CEO Sim Harmon told SBC Americas. “One of the biggest frustrations with the modern betting experience is the limitations of a sportsbook, being limited by what they choose to offer and even how much you can wager.”
Kutt’s latest funding round comes after the company commissioned a study.
The study included 1,000 bettors and found that 82% of players are interested in wagering against their friends and others through a decentralized platform. It also determined that 80% of surveyed bettors are interested in wagering on non-sporting events.
Emergence of new P2P betting products
Kutt is solidifying its footprint in an increasingly competitive P2P betting industry.
In March, social sportsbook Rebet launched operations in 47 states with betting markets powered by Sportradar. Rebet, which has also received seven figures in funding, allows users to create contests with one another using a sweepstakes system as its framework.
Underdog and PrizePicks have also gone live with P2P offerings.
In April, Underdog debuted Champions, a P2P contest, in Florida. That same month, PrizePicks launched its P2P product, PrizePicks Arena, in the Sunshine State.
“We’ve known this for a while, and we welcome the competition because we’ve been doing this for some time now and know the space better than anyone,” added Harmon. “We’re confident that the social and P2P model is not only here to stay but will also drive more innovation in the betting industry.”
