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Onyx Odds, a sports prediction markets app, closed a $20 million Series A led by Payward, the parent of crypto exchange Kraken, at a $220 million valuation. The round values the sportsbook roughly 1/100th of Kalshi's $22 billion mark and signals continued institutional appetite for event-contract platforms.
Why it matters
The lead investor is the tell. Payward is best known as Kraken's operator; steering into a regulated-style sports prediction app is a sideways move from spot crypto trading into the on-chain event-contract vertical. For Payward, Onyx Odds slots alongside a broader strategy of building compliant rails into US-facing financial products. For Onyx Odds, the Kraken name opens distribution, custody plumbing, and a regulatory cover most startups in the space cannot buy on their own.
Market impact
Kalshi's $22 billion valuation reset the price discovery for the entire segment earlier this year, and Onyx Odds' raise sits firmly inside the read-through. A $220M post-money for a Series A is rich for a sportsbook but cheap against the category benchmark. Expect more infra-layer deals at this band: exchanges fronting capital to capture flow into event derivatives before the regulatory perimeter tightens.
Frequently asked questions
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What is Onyx Odds?
Onyx Odds is a sports prediction markets app where users can wager on sports outcomes. It is one of several event-contract platforms competing in the segment alongside Kalshi.
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Who led the $20M raise?
Payward, the parent company of crypto exchange Kraken, led the Series A. The round valued Onyx Odds at $220 million post-money.
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How does the valuation compare to Kalshi?
Onyx Odds' $220M valuation is roughly 1/100th of Kalshi's $22B mark, but well above most Series A sportsbooks and reflects the segment repricing after Kalshi's reset.
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Why would Kraken's parent invest in a sports betting app?
The deal gives Payward exposure to the on-chain event-contract vertical, plus distribution, custody plumbing, and a US regulatory footprint that complement Kraken's spot trading business.
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What does this round signal for the prediction markets sector?
A $20M Series A at $220M post-money, led by a major exchange operator, suggests continued institutional appetite for event-contract platforms and likely more infra-layer deals before the regulatory perimeter tightens.
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