Onyx Odds raises $20M to expand crypto sports platform

Onyx Odds raised $20M in Series A led by Payward, valuing it at $220M. The platform eyes crypto integration amid tough competition and regulatory challenges.

Onyx Odds, a sports prediction platform, has secured $20 million in a Series A funding round led by Payward, the parent company of crypto exchange Kraken. This investment brings the company’s post-money valuation to $220 million. Founded in 2024, Onyx Odds differentiates itself by offering exchange-traded sports instruments and a sweepstakes-style model using virtual Onyx Coins. This approach allows users to predict sports and real-world events without the regulatory challenges of traditional gambling. The platform has rapidly grown, reaching nearly one million users in under two years and now operates in over 30 US states. Looking ahead, Onyx Odds plans to expand its services by integrating crypto trading and leveraging Payward’s regulated U.S. derivatives infrastructure. The company faces stiff competition from established players like Kalshi and Polymarket, as well as increasing interest from major crypto exchanges and tech firms. Navigating regulatory complexities will be key as Onyx Odds seeks to stand out in the evolving prediction markets sector.