Onyx Odds, a sports-focused prediction market app, has raised $20 million in a funding round led by Payward, the parent company of crypto exchange Kraken. The startup is entering a space currently dominated by Kalshi and Polymarket.
The prediction market sector has seen explosive growth, with Kalshi alone reaching $17.9 billion in monthly notional trading volume. Onyx Odds is betting that a sports-first approach — distinct from Kalshi’s broader event coverage and Polymarket’s crypto-native community — can carve out a meaningful niche.
Kraken’s involvement signals serious institutional backing for the prediction markets thesis. Payward has deep experience in crypto compliance and infrastructure, which could give Onyx Odds an edge as regulatory scrutiny of prediction platforms intensifies.
The competition is heating up fast. Cboe Global Markets just entered the space with its own prediction market platform, and Meta is reportedly building a mobile app. Onyx Odds will need to differentiate itself quickly to capture market share.
The $20 million round values the company as a serious contender, but whether it can catch the incumbents remains to be seen.
