Kraken parent leads $20M funding for sports betting app Onyx Odds

Payward, the parent company of crypto exchange Kraken, has led a $20 million Series A funding round for Onyx Odds, a prediction market application for betting on sports outcomes, The Block reported. The round values Onyx Odds at $220 million, a figure reached less than two years after its launch and under a year since it exited its beta phase. The application allows users to trade the outcomes of sporting events like financial instruments on an exchange, moving beyond simple sports betting.