Sports betting and gambling company Entain will infuse $133 million to launch a global innovation lab to develop immersive gaming and sports experiences in the metaverse, reports CNBC News.
The fund will help start-ups develop nonfungible tokens, virtual reality, and augmented reality applications.
For the Metaverse
The company announced the news on Monday. CNBC quoted CEO Jette Nygaard-Andersen saying in a statement, “We want to lead the way with exciting new products and experiences for customers and use our cutting-edge technology to innovate sports, games, and interactive entertainment for the metaverse.”
As part of this endeavor, shoppers will experiment with new products in two retail experience zones or VR arcades.
Entain listed on the London Stock Exchange owns Bwin, Coral, Ladbrokes, PartyPoker, and Sportingbet.
Entain plc, formerly GVC Holdings, is an international sports betting and gambling company. It is listed on the London Stock Exchange and constituent of the FTSE 100 Index.
In 2021, Entain’s joint venture partner MGM Resorts offered to buy Entain, valuing the business at $11 billion. However, the board rejected the offer saying, that it “significantly undervalues the company and its prospects”.