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.
Industry News
Double win for Kaizen Gaming at the SBC Awards Latinoamérica 2024
Kaizen Gaming, one of the biggest GameTech companies in the world, had an impressive double-win at the SBC Awards Latinoamérica 2024 on the 31st October in Miami, Florida. Awarded ‘Brazilian Market Entrant of the Year’, and ‘Marketing Campaign of the Year’, the two wins follow an impressive year of growth and exposure for Kaizen Gaming, as well as its premium brand Betano, across Latin America and globally.
Betano is rapidly growing its user base and presence in Brazil, serving as the main and title sponsor of Brasileirão Betano and Copa Betano do Brasil. As a founding member of the ANJL and IBJR regulatory bodies, Betano is recognised for its dedication to upholding the highest standards of responsible gaming and integrity. Furthermore, the Betano brand has launched multiple CSR initiatives across the country in partnership with sponsored team, Clube Atlético Mineiro. It also recently launched the “Juntos em Campo” long-term program in cooperation with CBF (Brazilian Football Confederation) to promote initiatives focused on gender equality.
Awarded for the results and creativity of its innovative “Football in America” marketing campaign, Betano successfully introduced Latin America to its “Confia” brand platform by leveraging on its CONMEBOL Copa America™️ 2024 sponsorship. The campaign chimed with the spirit of fans across the continent by celebrating Latin America’s rich football heritage, playfully responding to Kylian Mbappe’s 2022 comments questioning the region’s football quality.
Vangelis Skarkalis, Kaizen Gaming Senior Commercial Director LATAM, said: “Latin America is one of the world’s most dynamic and exciting regions for i-gaming. Being recognised as a leading player in this important market with two wins at the prestigious SBC Awards Latinoamérica is a great honour – especially on the heels of our recent double-win as ‘Operator of the Year’ at both the EGR Operator Awards and SBC Awards. Achieving this success requires an exceptional team of dedicated, ambitious professionals. This award honours everyone’s hard work and commitment to always going above and beyond in delivering the best experiences for our customers not only in Latin America, but worldwide too.”
Industry News
SOFTSWISS Wins SBC Latinoamérica Award for Help Brazil Initiative
SOFTSWISS has won the Socially Responsible Initiative of the Year nomination at the SBC Awards Latinoamérica 2024 for its impactful ‘Help Brazil’ initiative. This recognition underscores the company’s support for Brazilian communities affected by severe flooding earlier this year and its dedication to implementing meaningful social responsibility projects.
The SBC Awards Latinoamérica celebrates excellence in the Latin American gaming industry, gathering leading experts to acknowledge the achievements of operators, platform providers, affiliates, and suppliers across various sectors. SOFTSWISS’ ‘Help Brazil’ initiative distinguished itself among the top entries, with judges marking its focus on community sustainability and industry engagement.
Launched in May 2024, ‘Help Brazil’ provided immediate relief by delivering food, clothing, and clean water to flood-affected areas in Rio Grande do Sul in coordination with Movimento União BR. Further committed to sustainable recovery, SOFTSWISS partnered with PWTech, funding water purification installations in affected schools to guarantee long-term access to clean water.
Ivan Montik, Founder of SOFTSWISS, noted: “This prestigious award affirms our commitment to making a real difference. As we expand our business in Latin America, we build lasting relationships with people and partners in this region and see ourselves as part of the local communities. When action was needed, we could not remain on the sidelines. We are grateful that the Latin American industry recognised and supported our initiative and immensely thankful to everyone who joined us in this effort, both locally and internationally.”
Rubens Barrichello, Non-Executive Director in Latin America, who helped raise awareness for the initiative, added: “I am incredibly proud of SOFTSWISS’ commitment to a sustained and compassionate approach. This recognition underscores our dedication to supporting communities in Brazil, where we focus on making a meaningful impact. Together, with such comprehensive projects, we are demonstrating how our industry can step up when it matters most.”
Continuing its commitment to local communities, this September, SOFTSWISS and its employees provided financial aid and essential supplies to flood-affected regions in Poland, where the company operates two offices. The aid campaigns in Poland and Brazil reflect SOFTSWISS’ commitment to being a responsible partner for local communities and its broader focus on ESG principles through long-term health, environmental, and social initiatives, including World Environment Day, Pink October, and Movember.
SOFTSWISS welcomes its partners and clients to visit stand 2145 at the SiGMA Europe Summit to explore future collaboration opportunities.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
Industry News
Cliff Ehrlich Joins Rush Street Gaming as COO
Rush Street Gaming announced that casino and hospitality veteran Cliff Ehrlich has joined the company as chief operating officer.
Ehrlich assumes the role of Rush Street COO from Bill Keena, a longtime company and industry leader, who plans to retire later this year.
“I’ve admired Rush Street’s strong leadership and steady expansion over the past two decades. I’m thrilled to join this dynamic organization and look forward to contributing to the company’s ongoing success,” said Ehrlich.
Ehrlich’s career began in marketing at the Catskills’ Pines Resort Hotel in the 80s and transitioned in the 90s to casino development and operations. In 1996, he became co-owner of the Monticello Raceway and helped recruit the Oneida Indian Nation to build a casino on the property. Following an initial public offering, Ehrlich led Monticello Casino & Raceway as president, chief operating officer and general manager until 2013.
After consulting with Mohegan Sun regarding Upstate New York development opportunities, in 2015, Ehrlich joined The Downs Racetrack & Casino in Albuquerque, serving as general manager and chief operating officer. He later ran two casinos for The Navajo Nation — Northern Edge and Flowing Water. Since 2022, Ehrlich has been Navajo Nation Gaming Enterprise’s chief operating officer, with oversight of four casinos, a resort destination hotel, travel plaza and food & beverage manufacturing.
“Cliff’s ground-up casino development experience, deep operations background and team leadership ensure that all five Rivers Casino properties remain in great hands. He will continue the strong forward momentum established by Bill Keena, for whom we wish the very best in retirement,” said Tim Drehkoff, CEO of Rush Street Gaming.
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