Canada
Exclusive Q&A with Sim Harmon, founder of Kutt
- Kutt sounds like a fascinating concept. Tell us more about the business model. How does Kutt differ from a regular P2P betting exchange, for example, and what’s its USP (unique selling point)?
Kutt is a P2P sports and social betting platform that allows friends and strangers to bet real money on the outcome of sports, politics, and pop culture events. Think of it as a much better version of Venmo, with a focus on betting: the ultimate “put-your-money-where-your-mouth-is” platform.
The biggest differentiator between Kutt and a traditional P2P betting exchange is our added focus on the social aspect of betting – so we refer to Kutt as a “social betting exchange.” Betting is an inherently social activity, especially here in America. We have fantasy football leagues, group chats with friends, and watch-parties at bars for our favorite teams. Compared to a traditional sportsbook, a regular P2P betting exchange offers much better odds/pricing for its users, but does not offer any meaningful social experience/benefit for the user. That’s where we come in. Our opinion is that you can offer users better pricing and also give them an engaging platform that they’ll want to enjoy with their friends.
- Why did you think it was important to take a different direction than the big sports betting operators?
There hasn’t been a ton of innovation in the sports betting industry, because it’s been dominated (and gatekept, if we’re calling a spade a spade) by the big operators who all run “traditional” books. Consumers have suffered as a result…bettors have to put up with high-vig odds, unfair lines, betting limits if you win, and poor customer support. Let’s face it – traditional books are all the same. They may have a different front-end, sure, but they all offer roughly the same bets, odds, and features.
Consumers are finally waking up to this realization, and have started to demand a better way of doing business. This demand, coupled with some ambitious operators wanting to test new models, is directly responsible for a lot of the change you’re seeing across the betting industry. We’ve started to see P2P operators, “stock market for sports” operators, micro-betting operators, prediction markets, and other models pop up over the last year.
Our team at Kutt is super bullish on the P2P/exchange space in particular. An exchange eliminates a lot of the issues we listed earlier in this answer because it puts control in the hands of the user, and customer-friendly business models usually win out in the end. We’re just adding our own little twist to it.
- The social element is obviously crucial to Kutt. Do you also think social also has a part to play in mainstream sports betting? There have been recent attempts to “socialize” and gamify sports betting platforms? Will this work?
Social has a major role to play in mainstream sports betting and we believe that “social betting” – with a focus on social P2P/exchange betting – is the future. In our online era, everything has become social, and there’s no reason to think that the sports betting industry will be immune.
For most people, watching sports is already a social activity. You watch the game with a friend, send some thoughts to your group chat, and then go to Twitter to see what everyone else is saying. So now you just add the betting element to it, and we think this will be a pretty seamless transition for most, especially the younger generation. They grew up on social networks so the action of participating in an “online community” is ingrained in their psyche.
Going forward, operators will have to decide how much of their product will be dedicated to “social-first” features. For us, that number will be closer to 100% than 0%, but that doesn’t mean that social is the end-all-be-all.
- Tell us about your roadmap. When do you plan to launch, and then what are your long-term plans, in terms of product development and building the brand?
Kutt just launched on the App Store and we should be on Google in the coming weeks. We will be launching with the four major US leagues (plus CFB+CBB) first, but will be adding new sports in the coming months. Then we will add props, futures, and non-sports markets (politics, eSports, pop culture, etc.).
We’ll continue to focus on a product that truly benefit the end-user. We’ve already incorporated features that allow users to create their own lines and payouts, and are now focused on implementing social features that build community within our app. We’re looking to become the “social network” of choice for fans who not only post about their team on a Kutt-hosted message board, but also back up their trash talk with an actual bet.
To build our brand, we’ll embrace the social bettor and will insert ourselves into places where these people can be found; think bars, tailgates, and sporting events where social betting is already happening. Look for Kutt at a sporting event near you soon!
- Which specific markets do you plan on targeting?
The beauty of social betting is that everyone does it, since everyone has an opinion. Even people who have never placed an “official” bet in their life have probably uttered the words “I bet that doesn’t happen” to someone at some point during a conversation. These informal “handshake” bets are everywhere, from sporting events to bars to work events to family reunions. Kutt will provide a fun and safe platform for social bettors of all shapes and sizes in the jurisdictions where we can operate.
There are, however, certain markets where ego and trash talk are a bit higher, and where payment for a winning bet is harder to collect on: college campuses. The biggest issue with betting people you know is actually collecting money from a friend or acquaintance, and nowhere is that more true than the younger demographic. Millions of college kids across the US can probably name someone who has flaked on a bet and/or not paid someone they owe on time.
- Is Kutt the future of gambling?
We think so, obviously. Kutt should benefit from the industry’s move towards social gaming as well as the macro tailwinds in the space: greater media exposure, changing consumer demand, less-restrictive regulation, and increased investment. You’ve already seen the media attention that P2P has gotten over the last several months, and it’s hard to put the genie back in the bottle once it’s out. The traditional model has to change, and the companies who get ahead of that change will be the winners in the space.
Kutt has a pretty compelling product. We offer fully customizable odds, better pricing than the traditional books, interactive social features, and a sense of community, among other things. We also have a pulse on what the younger generation wants, which looks very similar to the product we’re building.
We’re aware of the challenges we face within the industry. It’s an uphill battle fighting against the traditional books, who have basically written a lot of the legislation that you see in different states today. Overly burdensome regulations choke out a lot of startups as well. It’s time for the political class to wake up, and start creating a more balanced playing field that encourages new ideas and innovation. The consumer hurts when innovation is stifled.
With all that said, we’re confident that social betting is the future of this industry. And we’re positioning ourselves to capitalize on this shift when it does come. Now go check us out at www.kutt.com or by searching for “Kutt” on the App Store. Thanks!
Canada
Great Canadian Entertainment and Petroglyph Development Group Announce Agreement for Purchase and Sale of Elements Casino Victoria
Great Canadian Entertainment announced that it has signed a definitive agreement to sell Elements Casino Victoria to Petroglyph Development Group Ltd. (PDG) in yet another historic transaction for both parties.
This transaction comes on the heels of the previously announced definitive agreement for Great Canadian Entertainment to sell its other landmark property and business on Vancouver Island, Casino Nanaimo, to PDG. PDG is a wholly owned corporation of the Snuneymuxw First Nation (the Nation) and is dedicated to realizing the economic potential of the Nation.
Great Canadian’s Board of Directors unanimously approved the transaction, which remains subject to customary closing conditions as well as customary approvals by the regulatory authorities. The Company will provide transition services to PDG for up to two years post-closing.
“We are very pleased to have executed this second historic agreement with the Snuneymuxw First Nation. From its original opening as View Royal Casino in 2001, to major expansion and rebranding of the property in 2018 as Elements Casino Victoria, we are looking forward to the next chapter for this beautiful and historic Vancouver Island destination under PDG’s stewardship. We are excited to work with the Petroglyph team during the transition period to ensure yet another outstanding outcome for the community, our guests, our team members, and the Nation,” said Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment.
“We celebrate our growing partnership with Great Canadian and our continued progress toward building a strong Snuneymuxw economy that provides a solid foundation for Snuneymuxw self-determination and nationhood. With the acquisition of a second casino operation, we continue to honour the decades of work by past Snuneymuxw leadership who tirelessly pursued this goal, as we begin to realize various opportunities that contribute to optimizing Snuneymuxw socioeconomic potential. Our Nation is sharply focused to make investments that bring returns to our people and builds our presence in the economy so that Snuneymuxw takes its rightful place. Today, we also celebrate our partnership with the B.C. Lottery Corporation in our shared pursuit to support the growth of the provincial economy and First Nation participation,” said Snuneymuxw Chief Mike Wyse.
Erralyn Joseph, President of PDG, said: “This measured acquisition is one that PDG celebrates on our quest to build a corporate enterprise that reinvests into Snuneymuxw First Nation. With a strong operating plan that includes risk mitigation and yields sizable gains, PDG is well on its way to generating wealth for Snuneymuxw and taking a seat at the local, regional, provincial, national and global economic tables. On behalf of the Board of Directors, we are pleased to share this news and remain committed to advancing the region’s economic growth in support of all its residents.”
Ian Simpson, Chief Executive Officer of PDG, said: “Acquiring this significant asset will unlock unprecedented economic potential for Snuneymuxw and PDG, paving the way for transformative growth in Snuneymuxw’s economy and the profits that PDG returns to our Nation.”
McMillan is serving as legal counsel to Great Canadian. McCarthy Tétrault is acting as legal counsel and KPMG Corporate Finance Inc. is acting as financial advisor to PDG.
The Edmonton Oilers and Play Alberta announced a new agreement that makes Play Alberta the exclusive sports betting and online gaming partner of the Edmonton Oilers.
The deal will see the Play Alberta logo featured prominently on the Oilers home jerseys and GameSense, AGLC’s responsible gambling program, displayed on the helmets of the Oilers for each home game.
“Play Alberta is proud to continue its partnership with the Edmonton Oilers over the next several seasons. We value our patrons and the fans of the Oilers and are thrilled to see PlayAlberta.ca, Alberta’s trusted gambling platform along with the best-in-class responsible gambling program – GameSense – as prominent fixtures on the Oilers uniformsuniforms,” said Kandice Machado, Chief Executive Officer at AGLC.
PlayAlberta.ca is a leader in the iGaming landscape in the province. All money generated through the site goes to the General Revenue Fund, which supports programs and services that Albertans rely on every day. In addition, the website has integrated AGLC’s GameSense and Self-Exclusion programs to better support players in their gambling journey.
“We are proud to call Play Alberta the official sportsbook of the Edmonton Oilers. With the revenue generated by Play Alberta going to valued services and programs that help enrich the lives of Albertans, donning the Play Alberta logo on our iconic home jersey is a testament to our long-term commitment to communities across Oil Country,” said Stew MacDonald, President & Chief Revenue Officer, OEG Sports & Entertainment.
The relationship between the Edmonton Oilers and PlayAlberta.ca will allow fans to experience the Play Alberta and GameSense brands through promotions in Rogers Place and ICE District, as well as giveaways throughout the season, including game tickets and memorabilia.
This past year, PlayAlberta.ca generated $235 million in net sales, an increase of more than $42 million from 2022-23. That number contributes to the $1.5 billion in total gaming revenue that’s sent to Alberta’s General Revenue Fund and supports programs and services that Albertans rely on every day.
AI
British Columbia Lottery Corporation and Future Anthem partner to establish Artificial Intelligence and Data Innovation Hub in Vancouver
Partnership will create dedicated specialist team to develop and deploy AI to improve player experiences across gaming products and channels.
BCLC has partnered with Future Anthem, a UK-based gambling data science specialist, on the creation of an Artificial Intelligence (AI) and Data Innovation Hub (the “Hub”), to be located at BCLC’s Vancouver office.
The Hub will focus on the development of AI, data capabilities and programs designed to improve the player experience across all BCLC gambling platforms, including lottery, gaming, and sports. It will employ a team of data and product professionals, with access to Future Anthem’s Data Science platform.
“BCLC is excited to be partnering with Future Anthem to create the first AI innovation hub in B.C. focused on the gambling industry,” says Mark Goldberg, BCLC’s Chief Information Officer. “We know that the key components of the Hub will be its data driven research and software product development to support player engagement and experience, safer play and improved game design – core BCLC business areas.”
Managed in partnership through a joint Steering Committee that includes senior representatives from both BCLC and Future Anthem, the Hub will create and cultivate highly specialized, Vancouver-based AI technology jobs utilising Future Anthem’s strong experience in building teams focused on AI research and development, complemented by a small team of BCLC employees with skills and experience in this area.
“This dynamic partnership combines our expertise, reach, and technologies and allows us to harness AI for good – to bring true and measurable benefits to players in a responsible, sustainable, and enjoyable manner,” says Leigh Nissim, CEO and Founder of Future Anthem. “With access to more data across all verticals and channels to build amazing machine learning models and AI applications, I am confident this collaboration will quickly deliver benefits to BCLC and its players to reinforce its lead position within lotteries globally.”
As well as recruiting the team in Vancouver, Future Anthem will deploy its market-leading real time AI platform locally to employ best practices for AI product development and governance within the Hub, which includes protocols to ensure transparency of AI use, data security, and management of AI models and their player impact. These models are designed to use anonymised data that is stored in Canada.
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