Get involved to build an innovation hub for Metaverse Tech

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Sports betting and gaming group Entain is spending £ 40 million ($ 54 million) to create an innovation hub in London to build and test entertainment technology, the company announced on Monday (Jan. 31).

The hub, called Ennovate, will feature an experience zone where people can experience immersive experiences in sports, games and interactive entertainment.

The project will also reportedly develop products for the metaverse, which refers to the virtual world where tech companies are building new business experiences and non-fungible tokens (NFTs).

The money for the Entain London hub will be part of an increased £ 100 million ($ 135 million) investment in projects, startup investments and collaborations, according to the announcement.

“We want to lead the way with new and exciting products and customer experiences and use our cutting-edge technology to pave the way for innovations in sports, games and interactive entertainment for the metaverse,” said Entain CEO. Jette Nygaard-Andersen in the statement.

Nygaard-Andersen said the company wanted to drive more innovation elsewhere as well, working with companies around the world.

According to the release, Ennovate will help Entain become a “global leader in interactive entertainment”. Entain has also partnered with several technology companies including Verizon, BT, and Theta Labs, along with various accelerators and incubators.

The lab plans to open this spring at Charterhouse Square in Farringdon, near the UK headquarters of social media companies TikTok and Snapchat.

PYMNTS reported last fall that Entain received a $ 20 billion takeover offer from digital sports game company DraftKings, which boosted Entain’s stock.

See also: DraftKings is offering $ 20 billion for UK sports betting platform Entain

Entain confirmed the offer at the time, although the company said shareholders had not been asked to act. The company had already turned down an offer of all of MGM’s shares for $ 11 billion earlier this year.

MGM is expected to approve any deal for Entain’s US operations – the companies are co-owners of BetMGM, an online sports betting platform. Entain also owns UK poker and gambling companies Coral, Ladbrokes and PartyPoker.

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