British gambling company, Entain Plc, announced on Monday the launch of Ennovate, a new global innovation hub aimed developing immersive sports and entertainment experiences in the metaverse.
According to Entain's statement, the gambling firm plans to invest up to £100 million ($134 million) to fund start-ups and develop applications for nonfungible tokens, virtual reality and augmented reality, with £40 million specifically dedicated for innovation investment in the UK.
“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,” said Entain's CEO, Jette Nygaard-Andersen in a statement.
The London-listed firm said that Ennovate's first "lab" will launch in the spring in the Farringdon area of London, and will be welcoming people who want to try out new interactive gaming experiences.
The firm also mentioned that Verizon and BT will partner with Ennovate for 5G support. In addition, Entain will partner with Theta Labs to launch a non-fungible token (NFT) platform for partypoker customers.
Entain Plc, formerly known as GVC Holdings, owns brands like Ladbrokes and Coral, and is a partner with MGM Resorts in Bet MGM.
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