Tabcorp Holdings on Tuesday announced that its wholly-owned subsidiary, Tatts Online Pty Ltd, has exercised in full its option to purchase an additional 3.5 million shares in Jumbo Interactive Limited.
The purchase would be made at an exercise price of $2.37 per share.
However, in conjunction with the share acquisition, Tabcorp also announced it had sold 2.9 million Jumbo shares to a group of institutional investors.
The end result puts Tabcorp in a position of owning 7.2 million shares, representing 12.49 percent of Jumbo shares.
Tabcorp says it has no intention to sell any of its remaining shareholding in Jumbo.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.