Sports prediction app Onyx Odds secured $20 million at a $220 million valuation in a funding round led by Payward, the parent company of Kraken, Axios reported Wednesday.

The company plans to evolve into a consumer trading platform by adding regulated event contracts, crypto trading, and perpetual futures while leveraging Payward’s infrastructure instead of building its own exchange.

Onyx Odds operates as a sweepstakes-based sports prediction platform rather than a traditional sportsbook. Using virtual “Onyx Coins,” the platform allows users to make predictions on sports and real-world events without requiring the same gambling licenses as conventional betting operators.

The company previously raised $8.3 million in a seed funding round announced in March 2025, led by Velo Partners and Xfund. Its latest $20 million Series A financing signals continued investor confidence as the company expands beyond its initial sports prediction offering.

Onyx says it has grown to hundreds of thousands of users and currently operates in more than 30 US states. The company also reported reaching profitability following its public launch.

In November 2025, Onyx Odds announced an exclusive partnership with blockchain-based prediction market Polymarket to expand its regulated prediction contract offerings. The partnership gives Polymarket access to Onyx’s multi-state consumer platform, while Onyx gains access to Polymarket’s prediction market infrastructure and brand as it broadens its product lineup.