NewsHK
Sports betting app Onyx Odds has raised $20 million in a funding round led by Payward, the parent company of crypto exchange Kraken.
The deal places crypto-adjacent capital behind a new entrant in the prediction markets space, where Kalshi and Polymarket already hold dominant positions.
Payward as Lead Investor The identity of the lead investor is the most telling detail in this raise. Payward, the corporate entity that controls Kraken, is primarily known as a crypto exchange operator.
Its decision to lead the Onyx Odds round connects the sports betting app to the crypto industry's longstanding interest in prediction markets, where outcome-based contracts have found a natural fit with blockchain settlement infrastructure.
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