Bitcoin Depot enters social betting market through Kutt acquisition

Bitcoin Depot, one of North America’s largest Bitcoin ATM operators, has acquired peer-to-peer social betting platform Kutt. The move marks Bitcoin Depot’s first formal expansion beyond its core crypto ATM business and into the fast-growing P2P betting market.

Founded in 2022, Kutt enables users to create fully customizable bets across sports, politics, entertainment, and other events with verifiable outcomes. Rather than betting against a house, users negotiate terms directly with one another. As founder and CEO Sim Harmon described it on The BettingStartups Podcast back in 2023: “We allow two people to bet directly against each other on the outcome of just about anything… we capture, track, and monetize all the handshake bets that you're making on a day to day basis.” 

The acquisition reflects Bitcoin Depot’s broader product diversification strategy as it “seeks to expand into adjacent fintech categories,” the company told BettingStartups. Bitcoin Depot added it has been “studying the P2P betting vertical for some time,” and that Kutt stood out for its “strong leadership team, well-established technology platform, and a clear product-market fit.” The company added that its “experience navigating quickly-changing and regulated industries” makes it a good partner for Kutt.

Over the next 6–12 months, Bitcoin Depot plans to support Kutt through product development and expanded marketing reach. Harmon says the roadmap includes doubling down on community-generated markets, more personalized pricing, and deeper engagement features—reinforcing Kutt’s positioning as a social alternative to house-driven betting.

“Kutt has always been about bringing people together through friendly competition and making social betting simple and fun,” Harmon said in the release. “Becoming part of Bitcoin Depot gives us the opportunity to grow faster, reach new audiences, and build even better experiences for our community. We are grateful to everyone who has been part of our journey so far and excited to take this next step together.”

Kutt will continue to operate under its existing brand, with its leadership team remaining in place following the acquisition.