Onyx Odds Raises $20M Series A Led by Kraken Parent to Bridge Social Prediction and Crypto

News Editor

2026-06-25 10:14:47

Onyx Odds has closed a $20 million Series A funding round led by Payward Ventures, the parent company of Kraken, at a valuation of $220 million. The platform uses a Sweepstakes model to legally offer sports predictions in the US, allowing users to win cash prizes without direct betting. The funds will be used to build social prediction features and integrate with crypto assets, aiming to merge traditional prediction markets with decentralized ecosystems.

Onyx OddsKrakenSeries ASweepstakes modelsports predictionsocial predictioncrypto integrationWeb3

$20M Series A led by Kraken Parent

Onyx Odds, a sports prediction platform, announced a $20 million Series A funding round led by Payward Ventures (the parent company of Kraken). The investment values Onyx Odds at $220 million. The company plans to use the capital for product development, market expansion, and regulatory compliance, solidifying its presence in the US sports prediction space.

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The Sweepstakes Model: A Compliance Edge

Unlike traditional sports betting, Onyx Odds operates on a Sweepstakes model. Users do not place direct wagers; instead, they purchase virtual currency or participate in free activities to earn sweepstakes entries, which can win cash prizes. This structure is legally permissible in most US states, bypassing strict gambling regulations. The model has allowed Onyx Odds to rapidly capture market share among US sports fans.

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Bridging Social Prediction and Crypto

Onyx Odds aims to go beyond sports predictions. The platform plans to introduce social features—users can create prediction topics, invite friends, and interact in real time, turning predictions into a social activity. Additionally, crypto assets such as tokens and NFTs will be integrated, allowing users to link their prediction performance to on-chain assets and seamlessly connect traditional prediction markets with Web3. The backing from Kraken's parent provides not only capital but also expertise in compliance and crypto custody, accelerating this integration.

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As the US sports prediction market heats up, Onyx Odds's combination of the Sweepstakes model with social and crypto elements could reshape the industry. However, regulatory changes and competition remain risks. The fresh capital gives Onyx Odds a solid runway to execute its vision.

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This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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