July was effectively a one-category month. Five disclosed rounds closed across the early-stage betting and gaming companies we track (pre-seed through Series D), and four of them were in the prediction markets space, with the fifth going to payments infrastructure. Beyond that, IG Group's Underdog deal set a new mark for what the category is worth to a public buyer.
The month at a glance
Total disclosed funding: $79.9M across five rounds
Category leader: Prediction markets
Where the money went:
Adjacent ($2.5M pre-seed). The first independent index provider for prediction markets and event contracts, solving for the same event trading under different rules on ten platforms. Its first index family tracks US political party control.
Onyx Odds ($20M Series A). A social sports prediction platform less than a year out of beta, valued at $220M on under $8M in prior funding. It will run its markets on a licensed US derivatives stack and embed crypto trading in-app.
BR-DGE (£10M / $13.4M). Edinburgh payments orchestration for regulated gaming. Platform volumes have grown 15-fold in under two years, and the firm expects to top 100M transactions a month by year-end. Capital goes to product and new market launches in H2.
Pascal ($9M Series A). Built for professional traders and institutions rather than casual bettors, positioned closer to perpetual futures than to Kalshi or Polymarket, with low fees and an engine designed to eliminate phantom fills. Total raised now $15M. Launched in June and still in private beta.
ProphetX ($35M). A federally regulated sports-native prediction market, approved by the CFTC in June as both an exchange and a clearinghouse. The money funds product, deeper liquidity, and a B2B push. Users and assets are up 50% in its first 30 days as a regulated exchange, with volume targeted to triple in 2026.
DubClub (Undisclosed). Raised an undisclosed funding round from Uncork Capital, Renegade Partners, and Will Ventures.
Hey Seven (Undisclosed). Named Bettor Capital as its seed and first institutional investor.
M&A
IG Group + Underdog. $1.1B enterprise value plus a $200M earnout, a few weeks after Underdog launched its own federally licensed exchange.
RubyPlay + Splash Tech. Terms undisclosed—the supplier's first acquisition, adding jackpot and F2P tech.
Product and pivots
BetHog went dark July 31, moving 16 of roughly 20 staff to AI dealer spinoff Sentient Studios—three months after raising $10M. Octane Studios launched a rival photorealistic dealer platform the same month, making AI dealers a contested category inside a single quarter. Also: Betcris launched a WhatsApp sportsbook with ChatBet, and SpeedLabs detailed its momentum markets ahead of a fall consumer launch.
