Onyx Odds Raises $20M in Payward-Led Funding Round
Kraken's parent backs sports prediction market app taking on Kalshi and Polymarket
Sports-based prediction markets app Onyx Odds secured $20 million in a funding round led by Payward — the parent company of crypto exchange Kraken — as of June 2026, according to The Block.
Why It Matters
Payward's backing signals that major crypto infrastructure players are placing direct bets on sports prediction markets as a growth vertical. Onyx Odds enters a crowded space dominated by Kalshi and Polymarket, both of which have built substantial liquidity and brand recognition ahead of it. A $20 million war chest gives Onyx real runway to compete on product and user acquisition, but capital alone won't displace entrenched market leaders. For bettors and traders, more competitors typically mean better odds, tighter spreads, and improved market coverage over time — though that outcome is not guaranteed.
Context
Prediction markets have surged in mainstream attention since regulated platforms like Kalshi won legal battles to offer event contracts in the United States, and Polymarket processed billions in volume during the 2024 U.S. election cycle. Sports represents one of the highest-frequency verticals for these platforms, given the daily volume of games and outcomes. Kraken parent Payward's involvement adds a crypto-native distribution angle, potentially routing existing exchange users toward sports prediction products.
What's Next
Onyx Odds will need to demonstrate meaningful liquidity depth and user retention metrics to differentiate from Kalshi and Polymarket. Watch for product launch announcements and potential regulatory filings that will determine which U.S. markets the app can legally serve.
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