SX Network
SX Network is a Toronto-based blockchain company operating SX Bet, a peer-to-peer sports prediction market and betting exchange where users wager against each other rather than a sportsbook. The platform supports cross-chain deployment, charges zero fees on single bets and 5% on winning parlays, and offers free API access for developers globally.
- Company typePrivate
- Founded2017
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What SX Network does
SX Network is a Toronto-based blockchain company founded in 2017 that operates SX Bet, a peer-to-peer sports prediction market and betting exchange. Unlike traditional sportsbooks where users wager against the house, SX Bet enables users to bet directly against other users through a marketplace model, with odds determined by competitive supply and demand rather than a built-in house margin. The platform is built on smart contract infrastructure with cross-chain deployment, initially on Polygon and expanding to additional blockchains including Arbitrum, with plans for 5+ chains during 2024.
The platform's technology stack includes websocket APIs for real-time market data streaming, a documented public API for developers and power users, and MetaMask wallet interoperability for self-custody of funds. SX Bet processed over $432 million in cumulative betting volume as of March 2024. The product operates as a self-serve web application accessible globally, with distribution driven primarily through organic social channels (X/Twitter), GitHub, and developer documentation rather than traditional sales or marketing.
SX Network's revenue model is a transaction-based take rate: 0% fees on single bets and a 5% commission applied only to winning parlays. API access is provided free of charge to developers and builders. The target customer is the individual sports bettor seeking better odds, no account limits, and an absence of the restrictions and bans that high-volume winners commonly face on conventional sportsbooks. The company is private, venture-backed, with funding rounds closed in April 2022 ($9.5M led by Polygon and Hack VC), March 2024 (strategic, led by Draper Dragon with CMCC Global and CMS Holdings), and March 2025 (strategic, led by Draper Dragon and CMCC).
SX Network firmographics
Firmographics- Name
- SX Network
- Legal name
- SX Network
- Website
- https://sx.technology
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- SX Network is a Toronto-based blockchain company operating SX Bet, a peer-to-peer sports prediction market and betting exchange where users wager against each other rather than a sportsbook. The platform supports cross-chain deployment, charges zero fees on single bets and 5% on winning parlays, and offers free API access for developers globally.
- Ownership category
- akta.pro rank
SX Network industry classification
Industry- Product category
- Sports Betting Exchange
- NAICS
- Securities and Commodity Exchanges (523210), Gambling Industries (7132)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Betting Exchanges & Peer-to-Peer Sports Betting (MPAEACAL)
- akta.pro secondary industries
- Prediction Markets & Event-Based On-Chain Trading (FSADABAM), Peer-to-Peer Financial/Spread Betting Exchanges (MPAEAIAC)
Keywords
Where SX Network is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Markets served
SX Network business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Parlay Fees: The platform charges a 5% fee on winning parlays. Single bets are fee-free (0% fees). This transaction-based take rate model allows the platform to monetize winning outcomes while incentivizing betting activity with no barrier on standard single bets.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Single Bets - 0% fees |
| Transaction based/ take rate | Pay-as-you-go | Parlay Bets - 5% fee on wins |
| Freemium | Pay-as-you-go | API Access - Free |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
SX Network product offering
Product offeringCore offering
SX Network operates SX Bet, a blockchain-based peer-to-peer sports prediction market and betting exchange where users wager against other bettors rather than against the house. The platform uses smart contracts to automate settlement, offers market-driven odds via competitive order books, charges 0% fees on single bets and 5% on winning parlays, and provides open API access for developers. It is deployed across multiple blockchains including Polygon and Arbitrum to broaden market access and liquidity.
Product overview
SX Network operates as a blockchain technology company with SX Bet as its primary product — a peer-to-peer sports prediction market and betting exchange built on blockchain and smart contract infrastructure. SX Bet enables users to bet against each other with competitive odds determined by market dynamics, no fees on single bets, and open API access for developers to build on the platform.
Differentiator
Problem solved
Functional benefit
Brands
- SX Bet: A blockchain-based peer-to-peer sports prediction market platform that allows users to bet against other bettors rather than the house. Features include better odds through market pricing, 0% fees on single bets, no account limits, and open API access for developers.
Products and services
- SX Bet A blockchain-based peer-to-peer sports prediction market and betting exchange that allows users to bet against other bettors rather than against the house. It offers market-driven odds, 0% fees on single bets, a 5% fee on winning parlays, no account limits or restrictions on winning users, and open free API access for developers and power users. The platform is deployed across multiple blockchains including Polygon and Arbitrum.
Quantifiable outcome
- Over $432 million in betting volume processed
Companies that use SX Network
Customer profileSegments1 record
Ideal customer profiles1 record
SX Network technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
SX Network partnerships and signals
Strategic signalScale indicators2 records
Recent moves5 records
Expansion highlights4 records
SX Network competitors and assessment
Company assessmentDirect peers
- Polymarket: Polymarket is an on-chain prediction market for event-based trading. It overlaps with SX Bet on the blockchain-based prediction market thesis and on-chain trading infrastructure, and intersects directly on sports-related event contracts.
- Smarkets: Smarkets is a peer-to-peer betting exchange offering sports and political markets with competitive odds and low commission. It is a direct comparable to SX Bet in business model (P2P exchange), target customer (sharp sports bettors), and pricing approach (commission-based take rate).
- BetDEX: BetDEX is a decentralized betting exchange built on Solana offering peer-to-peer sports wagering with low fees. It is a direct comparable to SX Bet in both technology (blockchain-based exchange) and target market (sports bettors seeking better odds).
- Cloudbet: Cloudbet is a crypto-native sportsbook and casino platform offering sports betting with digital assets. It is comparable to SX Bet on crypto-sports betting overlap and target customer (crypto-holding bettors), though it operates a house-edge model rather than P2P exchange.
- Kalshi: Kalshi is a CFTC-regulated event prediction exchange in the US offering peer-to-peer contracts on events. It is comparable to SX Bet as an exchange-based prediction market, with overlap on event-driven wagering and exchange mechanics, though Kalshi is regulated rather than crypto-native.
- Betfair: Betfair is the world's largest peer-to-peer sports betting exchange, offering a marketplace where users bet against each other rather than the house. It is the canonical direct comparable to SX Bet's core exchange model, with established liquidity and similar odds-discovery mechanics.
Emerging players
- Azuro Protocol: Azuro is an on-chain betting liquidity protocol enabling decentralized sports and prediction markets. It is an emerging player comparable to SX Bet's infrastructure layer and on-chain prediction market positioning, though Azuro focuses more on protocol/licensing than end-user exchange.
- PredictIt: PredictIt is a prediction market platform for political and event outcomes. It overlaps with SX Bet's prediction market positioning and exchange-style trading, though it is more narrowly scoped to political markets.
- Thunderpick: Thunderpick is a crypto-focused esports and sports betting platform. It is comparable to SX Bet as a crypto-native sports betting operator targeting digital asset holders, with overlap on sports betting product and crypto deposit/withdrawal mechanics.
Broad incumbents
- DraftKings: DraftKings is a leading US sports betting operator with a traditional house-edge sportsbook. It is a broad incumbent competing for the same sports bettor wallet share as SX Bet, with far larger brand and marketing spend, but a fundamentally different business model.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
SX Network social profiles
Digital presenceSX Network financial estimates
Financial estimateRevenue estimate
Valuation estimate
SX Network leadership team
Management profileNumber of profiles
Profiles2 records
SX Network funding detail
Funding detailFunding overview
Funding rounds2 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SX Network M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SX Network
What does SX Network do?
SX Network operates SX Bet, a blockchain-based peer-to-peer sports prediction market and betting exchange where users wager against other bettors rather than against the house. The platform uses smart contracts to automate settlement, offers market-driven odds via competitive order books, charges 0% fees on single bets and 5% on winning parlays, and provides open API access for developers. It is deployed across multiple blockchains including Polygon and Arbitrum to broaden market access and liquidity.
Is SX Network a public or private company?
SX Network is a private company. It is classified as venture growth investor backed and is currently operating.
When was SX Network founded?
SX Network was founded in 2017. It employs 11 to 50 people.
Where is SX Network based?
SX Network is headquartered in Toronto, Canada, in the North America region.
How does SX Network make money?
One revenue line is on record: parlay Fees.
Who are SX Network's main competitors?
Direct peers on record are Polymarket, Smarkets, BetDEX, Cloudbet, Kalshi and Betfair. Emerging players are Azuro Protocol, PredictIt and Thunderpick. DraftKings is listed as a broad incumbent.
Does SX Network have an API?
Yes. SX Bet offers open API access allowing power users and builders to access the full SX Bet API at no cost. The documentation includes Developer Docs and an API Reference. The platform previously used the Ably Websocket API, which is being deprecated on July 1, 2026, with a migration guide to Centrifugo available. Developer documentation is at docs.sx.bet/api-reference/introduction.
What industry is SX Network in?
SX Network's product category is Sports Betting Exchange. Its primary akta.pro industry code is MPAEACAL, Betting Exchanges & Peer-to-Peer Sports Betting, with a secondary code of FSADABAM, Prediction Markets & Event-Based On-Chain Trading. Its NAICS code is 523210 and its SIC code is 6200.