The much-hyped metaverse is likely to spill over into the mainstream within a year or two. There is no doubt this virtual reality will be a hit. The question is which specific companies are likely to make the most money from the breakthrough technology.
Entain, the owner of Ladbrokes, its working hard to capitalize on the emerging industry with the launch of its new London lab for innovation. The company is investing £100m in the tech necessary for metaverse gambling.
About The Innovation Lab
Ladbrokes’ innovation lab, dubbed Farringdon, will launch this spring. The hub will catalyze the development of new interactive products used in the metaverse. The hope is that gaming in the metaverse proves mutually beneficial for the company as well as the users of the virtual reality world.
The company’s first-ever lab will be based in London. The lab will be directly tied to Entain’s global hub for innovation referred to as Ennovate. The purpose of the hub is to develop new products for customers.
Entain is dubbing the centerpiece of Ennovate Labs the “Experience Zone”, a space that will empower everyday people, investors, employees and partners to engage in immersive shared experiences. Those experiences will be highlighted by gaming opportunities, sports and interactive entertainment. Entain, the owner of both PartyPoker and Ladbrokes in addition to other betting brands, will work with businesses such as Theta labs, BT and Verizon to develop new offerings through Ennovate. The group will also work with non-profit groups to ensure the new initiative advances the collective interest.
Prepare For The Impact Of The Metaverse
The metaverse, a nearly fully immersive three-dimensional digital space that users enter with the use of a virtual reality headset and/or body suit will change life as we know it. The use of virtual reality and augmented reality technology will empower metaverse users to gamble, play games, shop, socialize, visit with a doctor, view art galleries and even work.
Ennovate’s innovation lab will launch as early as March in Farringdon’s Charterhouse Square. The lab will feature breakthrough technology that facilitates the building of new entertainment experiences. The company will develop new NFT products in addition to virtual reality and augmented reality experiences.
Entain’s announcement is significant as it comes on the heels of a year in which the United Kingdom’s gambling industry underwent a series of mergers. The power move is also notable as it was announced amidst the aftermath of the widely publicized harmful impact of web-based gaming and gambling losses. Though there is certainly a dark side to virtual reality and gambling, there are two sides to every story.
According to Bloomberg Intelligence, businesses will generate revenues of $800 billion from activity that occurs in the metaverse within the next two years. Entain’s Chief Executive Officer, Jette Nygaard-Andersen, recently stated his company will pave the way with new and exciting experiences and products for customers using the company’s breakthrough technology, setting the stage for gaming and other forms of interactive entertainment in virtual reality settings.
Entain’s Stock Could Soar
Sports, gambling and technology investors will find it interesting that Entain’s shares increased on the news announcement, moving up to 1,585.5p by early Monday. The company’s shares have spiked more than 21% on the year. Rewind to January and the company’s brass narrowed guidance after nearly two straight years of subsequent digital revenue growth came to an end.
If Entain’s financial forecasts come to fruition, its 2021 financial year earnings will amount to £875million. There have also been some rumblings that the company will be a takeover target in the year ahead.