Entain, which owns Ladbrokes, PartyPoker, and Coral, is set to compete in the metaverse after investing over £100m in various technology projects including £40 million for a UK-based innovation lab.
A natural expansion into immersive entertainment
In a bid to capitalise on the ever-expanding metaverse, Entain has announced the launch of Ennovate, an in-person innovation lab aimed at developing a series of immersive sports and entertainment experiences.
It plans to invest over £100m in funding start-ups and developing applications for NFTs, virtual reality, and augmented reality. It will see consumers test a number of products in specialised retail experience zones or VR arcades across the city.
CEO of Entain, Jette Nygaard-Andersen, announced in a recent statement: “We want to lead the way with new, exciting products and experiences for customers and use our cutting-edge technology to pioneer innovations in sport, gaming and interactive entertainment for the metaverse,” she said.
A world leader in sports betting and gaming
Entain, which was previously known as GVC Holdings and is now one of the world’s largest sports betting and gaming groups, is expected to launch its innovation hub in London in March. Verizon, BT, and Theta Labs are some of the venture’s early investors.
It comes just 12 months after the UK gambling industry experienced a number of mergers and bumper profits in line with increased scrutiny over the harmful impact of online gaming.
