Onyx Odds raises $20M led by Kraken parent Payward to scale social prediction platform

Onyx Odds, the social sports prediction platform founded in 2024, has raised $20 million in a funding round led by Payward, the parent company of crypto exchange Kraken. The deal marks a significant step for a company that’s quickly carved out space in the increasingly crowded prediction market landscape.

Onyx Odds isn’t a traditional sportsbook. The platform uses a sweepstakes-style model built around virtual “Onyx Coins,” letting users place predictions on sports and real-world events without the regulatory baggage of a full-blown gambling operation.

The company raised $8.3 million in an early-stage venture capital round on March 1, 2025, led by Velo Partners and Xfund. This new $20 million infusion, roughly 2.4 times the size of the first raise, suggests investors see a platform that’s past the proof-of-concept phase and ready to scale aggressively.

User growth at Onyx Odds has reportedly reached into the hundreds of thousands, a notable figure for a platform barely a year old at the time of its first fundraise. The platform currently operates across more than 30 US states.

In November 2025, Onyx Odds announced an exclusive partnership with Polymarket, the blockchain-based prediction market that became a cultural phenomenon during the 2024 US presidential election cycle. That partnership is designed to enhance Onyx Odds’ offerings in regulated prediction contracts. By partnering with Onyx Odds, which operates under a sweepstakes framework across more than 30 states, both companies get something they want: Polymarket gets a compliant distribution channel, and Onyx Odds gets access to the most recognizable brand in prediction markets. The arrangement positions Onyx Odds as an exclusive partner for certain regulatory-compliant contracts.

Onyx Odds’ sweepstakes model sidesteps many of the licensing requirements that traditional sportsbooks face, which is how it operates across more than 30 states without the years-long approval processes that companies like DraftKings and FanDuel endured. Sweepstakes models have faced increased scrutiny from state attorneys general, and any tightening of rules could force a business model pivot.

That said, $28.3 million in total funding for a platform with hundreds of thousands of users and operations spanning more than 30 states reflects the capital committed to the platform to date.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.