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Entain, parent company of Ladbrokes and bwin, said Monday it plans to create products for the metaverse.
It wants to pioneer immersive experiences with VR and AR for sports and gaming, an industry expected to take in some $8 trillion. The technology, using headsets, — gives individuals a way to become immersed in the virtual worlds and explore them using avatars.
Ennovate will develop the sports and entertainment products.
The UK-listed company will use the investment to back start-ups and develop applications for non-fungible tokens (NFTs), virtual reality, and augmented reality.
"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," its CEO Jette Nygaard-Andersen said in a statement.
The development and user testing of Entain's metaverse projects will take place at Ennovate's lab in London, expected to open in spring this year. Partners Verizon, BT, and Theta Labs will collaborate on the work.
- Aaron Goldstein, Gambling911.com
