Sports betting and gaming company Entain announced a new $133 million innovation lab on Monday, Ennovate, which will focus on developing sports and entertainment experiences in the metaverse.
Roughly $53.8 million of the total will be reserved for the United Kingdom, and products will be tested in VR arcades by consumers.
Entain owns U.K. online casino Ladbrokes and Austrian betting brand Bwin, with licenses to operate in at least 27 countries. In January, Entain and MGM Resorts International invested roughly $450 million in sports betting app BetMGM.
- Entain and MGM share equal ownership of BetMGM.
- In October, DraftKings pulled its $22.4 billion bid to acquire Entain reportedly due to complications introduced by MGM.
- In January 2021, MGM’s $11 billion bid to acquire Entain was rejected.
Entain reportedly plans to invest in its first esports betting business this year, and expects BetMGM to turn profitable in 2023.
The company raised the low end of its earnings guidance last month, citing “strong growth” in online markets.