The Metaverse is indeed here and what better proof could be there than the excitement with which businesses are rushing to invest in it. The latest investor to catch on this wave is Entain Gambling Corporation that is rumored to be planning to make an investment of $133 Million. Entain, known globally for its gaming and sports betting offerings has announced that they will be creating a metaverse-focused innovation center known as Ennovate.
From this virtual environment, the management of Entain hopes that they will be better positioned to create immersive and entertaining sports experiences for its customers. According to insider reports, the betting provider will be investing 100 million pounds ($133 million) for this project. Being a start-up that many entities have not embraced yet, Entain hopes to stir a wave of development across the virtual and augmented reality spaces.
For gambling enthusiasts that are eager to experience a new reality in gaming, the move by Entain points them to a direction of thrilling and convenient gaming. It is important to note that Entain does not have any plans of killing its retail business; in fact, customers will now partake of new releases taking place in both zones concurrently. For sure, this is an experience that many casino players have not been exposed to before but its segmentation allows customers to feel like they are in different realities.
The proposed Ennovate Center has an investment budget of about GBP100 million ($118.2 million) that will mainly be channeled into coinage projects. Other interests that the company has expressed interest in the past include worldwide partnerships, and start-up ventures. Out of the funds that have been set aside for investment in the metaverse, GBP40 million ($47.2 million) will be dedicated to growing its innovations in the UK.
Theta Labs, BT and Verizon are the first three technology-based companies that have active working relations with Ennovate at this time. The asset base that the proposed Ennovate center has accumulated is enough capital to kick-start its operations. Judging by the resources available for this venture and its positioning in the market, there is no reason for the brand not to grow into an interactive entertainment world leader.
According to the CEO of Entain, Jette Nygaard-Anderson, the company has picked the right time to act because it aspires to be at the forefront of gaming delivery. The metaverse is already taking shape and early adopters like Entain will have an upper hand in promoting their offerings to the world through this platform. She believes that Entain will only be able to realize its goals if their clients receive fresh experiences in addition to innovative products. Ennovate developers have been tasked with the tough job t deliver and they are making use of the company’s state-of-the-art technology to curve an early niche in the industry.
Originally known as GVC Holdings, Entain has a large portfolio of sports betting companies operating in multiple countries around the world. Among the popular brands which are spread across 27 countries are gaming labels like PartyCasino Bwin, Gioco Digitale, Foxy Bingo, partypoker, and CasinoClub, as well as operators such as Ladbrokes, Sportingbet, Crystalbet, Bwin, Eurobet, and Coral.
Those who are familiar with the Partypoker tournaments will remember the format of the progressive knockout series. Partypoker created the fast-paced action event to not only offer thrill but also quick means for earning money. The last Partypoker KO series took place from Christmas day and lasted till the19th of January. Unlike previous versions, this one had more highlights. Top ranking players for instance got awarded as happens on other tournaments but for the opponents eliminated, the player‘s bounty got increased.
BetMGM was born out of a joint venture between MGM and Entain but due to obstacles on the MGM side, DraftKings chose to withdraw from a deal that was to take place in October. The cost of the deal was $22.4 billion but there was a counter offer from MGM. MGM had set aside $11 billion to acquire Entain in January 2021 but the board thought that was not enough so declined it.
According to industry reports, Entain has plans of investing in an esports betting firm which will be the investor’s first esports business. Industry analysts estimate that BetMGM will become a lucrative venture in 2023. Entain and MGM Resorts Investment jointly invested an estimated $450 million in setting up BetMGM, a sports betting application in January.
Once the Ennovate lab has been established, it will focus on creating original entertainment services to cater to demand in the metaverse. This will be a virtual reality platform where individuals will be able to invest in and make profit out of computer-generated space. In October 2021, which is about the time when the metaverse was popularized, there was an average 2.6 million searches for it on the internet. This demonstrates the interest of netizens on issues related to the gambling industry and augmented reality as a whole.
In addition to Augmented Reality (AR) creations, the internet will also be hosting an Immersive Virtual Reality (VR) application which is where the upcoming groundbreaking VR multi-sports club experience is categorized. As per industry predictions made by GlobalData, the AR industry at the worldwide level could hit a net value of $152bn by 2030. This means that the industry will be growing at a Compound Annual Growth Rate of 36% over the course of the ten year period between 2020 and 2030. With such demonstration of growth potential, it will not be a surprise if even more gambling investors buy properties on the metaserve as Entain has planned to do.
The digital team at Entain has already started the process of creating Non-fungible tokens (NFTs), also known as unique digital collectable assets for entities within the organization.
The Metaverse is going to unlock a whole new virtual world where everything present in the physical world will be recreated. The NHL has already bought property there and so has Entain. This is the future solution for investment, travel and entertainment limitations we face today.