Kutt enables you to place bets against anyone — on anything.
Gambling is big business. As many as seventy percent of Americans have bet on something in the past year.
Perhaps surprisingly, though, betting doesn’t just involve sports, which Americans bet $120 billion on last year alone. These days, people bet on election results, game shows, reality shows, and even arcade games.
Despite the rise of multi-billion-dollar betting platforms like DraftKings or FanDuel, most betting still happens between two people, what’s known as social betting. This could involve chats between friends about who will win the next football game, or bets between people on the sex of the baby at a gender-reveal party.
Kutt sees an opportunity here, and is taking advantage of it. How? By enabling bettors to bet against each other on anything with a verifiable outcome right from its mobile peer-to-peer betting platform.
This isn’t merely a niche idea; it’s something bettors want. In a 2024 survey of 1,000 bettors, more than half’s most recent bet was against a friend, rather than through a traditional sports book. Sixty percent of bettors text their friends about their bets during a game. And eighty percent of respondents are eager to place wagers on something other than sports.
Kutt caters to these people with its platform that it describes as “Venmo meets social network for bettors.” A few key features include:
Guaranteed settlement — All bets are pre-funded, ensuring neither side can duck out when it’s time to pay up.
Social features — Kutt offers user profiles, chats, fan groups, and betting leaderboards to create a more fun and engaging experience.
Community — Kutt builds and connects new and existing communities of bettors with shared interests.
To generate revenue, Kutt takes a small transaction fee from each accepted bet on its platform. Future potential revenue streams include odds-generation tools and business-to-business sales of its proprietary technology to operators and teams that want to build their own peer-to-peer betting app.
More than 14,000 people use Kutt, and have wagered more than twenty million dollars this year alone. The company is nearing profitability and is on track for more than $500,000 in revenue in fiscal-year 2024.
Kutt has raised $1.3 million from professional and angel investors. And it has partnerships with ESPN and FoxSports. It also has patents covering key aspects of its technology and betting system.