Entain Plans $133 Million Metaverse Investment for Immersive Experiences

Entain, a global sports betting and gaming firm, announced the creation of Ennovate, a metaverse-focused innovation centre intended to produce immersive sports and entertainment experiences. The company intends to spend 100 million pounds ($133 million) in start-ups to spur the development of virtual and augmented reality apps.

Ennovate Center would invest up to GBP100 million ($118.2 million) in coinage projects, start-up ventures, and cooperation with the UK, European, and worldwide partners, with GBP40 million ($47.2 million) dedicated especially for innovation investment in the UK. Verizon, BT, and Theta Labs are the first technological businesses to work with Ennovate.

Jette Nygaard-Andersen, CEO of Entain, said the company is making a move because it wants to be a leader in the race to deliver 'interactive entertainment for the metaverse.' Entain, originally named GVC Holdings, owns several sports betting companies licensed in 27 countries. Entain and MGM Resorts International invested around $450 million in the sports betting application BetMGM in January.