Onyx Odds Raises $20M in Series A Funding Led by Payward

The company plans to use the funding to expand its operations and continue developing its technology and products.

For Payward, the investment represents an important move into the prediction markets space and strengthens its role as a multi-asset infrastructure provider. By offering a unified platform, Payward allows partners to focus on building products and improving user experiences without having to manage multiple vendors, licenses, and technologies.

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The single integration gives Onyx the infrastructure it needs to strengthen its position in prediction markets without spending years building relationships with multiple vendors, securing licenses, or developing operational systems on its own.

The funding comes after a period of strong growth for Onyx Odds. The platform has attracted nearly one million users and achieved industry-leading retention, helping it become one of the largest prediction market platforms within its first year while raising less than $8 million in venture funding before this round.

Onyx Odds allows users to participate in sports prediction markets through exchange traded contracts, offering a new market based approach to engaging with sports outcomes. The company has quickly built a large and active user base, highlighting its strong growth and momentum in the prediction markets, and data ecosystem.

“This investment marks a major milestone for Onyx Odds and validates the strength of both our platform and our vision,” said Leul Dadi, founder and CEO of Onyx Odds. Payward brings a deep expertise and allows us to scale more efficiently while continuing to deliver a best in class experience for our users.”

“Prediction markets are one of the fastest-growing emerging categories in financial services,” said Mark Greenberg, Head of Payward Services. “Payward is the only US platform that brings a CFTC-registered FCM, a CFTC-designated DCM and a global crypto exchange under one roof, and makes the full stack available through Payward Services. Onyx is the kind of operator that knows what to do with that foundation, and we're investing to help them scale it.”

ABOUT ONYX ODDS

Founded in 2024, by Leul Dadi and headquartered in New York City, Onyx Odds is a sports prediction market platform. It allows users to participate in sports outcomes through exchange traded contracts, providing a market based way to engage with sports events.

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