Onyx Odds raises $20 million in round led by Kraken parent Payward
The funding and strategic partnerships could strengthen the sports prediction app’s push beyond event forecasting and increase competition with traditional sportsbooks.
Fact Check
The originating Axios Pro Fintech Deals article confirms Onyx Odds raised $20 million in a Series A led by Kraken parent Payward at a $220 million post-money valuation. CryptoBriefing independently corroborates the $20M amount and Payward lead, and both BlockBeats and Odaily report the same figures while explicitly citing Axios as the source. All sources agree on the core facts: amount ($20M), lead investor (Payward, Kraken's parent), and recipient (Onyx Odds sports prediction app).
Summary
Onyx Odds has raised $20 million in a funding round led by Payward, the parent company of crypto exchange Kraken. Axios reported the sports prediction app was valued at about $220 million post-money in the deal. The new capital comes as the company moves beyond sports event prediction and expands into other trading products, signaling a push to widen its market beyond its original niche. The funding boost and strategic partnerships could also reshape the prediction market landscape and challenge the dominance of traditional sportsbooks.
Terms & Concepts
- post-money: Company valuation after new funding is included.
- prediction market: A market where users trade on the outcome of future events, with prices reflecting collective expectations.