Entain (OTCMKTS: GMVHY), an international sports betting and gambling company, announced plans to launch a global innovation hub, Ennovate. The novelty is set to develop immersive sports and entertainment experiences within the metaverse.
The company is prepared to invest USD133 Million to fund start-ups and create applications for nonfungible tokens, virtual reality, and augmented reality. Amid this action, new products are to be tested in two VR arcades, by consumers.
“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 CEO Jette Nygaard-Andersen in a statement.
“We also want to use our position as a global technology leader to help drive innovation more widely. Working with partners around the globe, Ennovate will demonstrate how Entain’s industry-leading technology can both revolutionize experiences for consumers and deliver real benefits to society,” she added.
The innovation hub will be located in Charterhouse Square, Farringdon, within London’s entrepreneurial tech community. Scheduled to open this spring, the location will house cutting-edge technology as a means of establishing a unique environment for the building and testing of new entertainment occurrences.
“Our goal is to bring the most exciting experiences in immersive sport, gaming, and interactive entertainment to life as the metaverse takes shape,” said Sandeep Tiku, Chief Operating Officer at Entain leading its work on disruptive innovation. “Working with partners we believe we can achieve great things faster, both for customers and to apply these technologies and skills to benefit wider society.”