Onyx Odds raises $20M in Payward-led funding round

Onyx Odds announced it raised $20 million in a funding round led by Payward, the parent company of cryptocurrency exchange Kraken. The company described the financing as complete but did not provide a closing date.

The round was led by Payward and included additional investors, according to Onyx Odds. The firm did not disclose a full list of backers, the valuation, or the specific financial terms of the deal.

Onyx Odds operates a mobile and web sports betting application that posts odds and accepts wagers on sporting events. The app competes with other online operators that serve bettors in jurisdictions where regulated sports wagering is allowed.

Payward’s participation connects the startup’s financing to an investor with experience in digital asset markets. Payward is the parent company of Kraken, a cryptocurrency exchange.

Neither Onyx Odds nor Payward provided a breakdown of how the $20 million will be allocated or a timeline for use of proceeds. The companies also did not publish financial projections, revenue figures, or user metrics in the announcement.

Onyx Odds was founded to deliver a mobile-first betting product. The company will join other sports wagering startups seeking market share in U.S. states and international markets that permit online betting. The announcement did not specify any planned market entries, product launches, or hiring tied to the new funding.

Onyx Odds and Payward did not provide comment beyond the funding announcement. Further details about investors, governance changes, or future financing were not released.