Australia’s largest betting operator Tabcorp Holdings has increased its stake in online lottery reseller Jumbo Interactive Limited, further cementing the commercial relationship between them.

In a disclosure to the Australia Stock Exchange, Tabcorp said it bought approximately 3.5 million Jumbo shares at an excise price of AUD2.37 ($1.75) per share, for a total of AUD8.3 million (US$6.08 million). The sale was made through Tabcorp’s wholly-owned subsidiary, Tatts Online Pty. Ltd.

The Aussie wagering operator also sold approximately 2.9 million Jumbo shares worth AUD6.9 million (US$5.09 million) to a group of institutional investors in conjunction with the exercise of the option with the operator of Oz Lotteries site. Despite this move, Tabcorp’s stake in Jumbo still grew to 12.49 percent. As of July 3, Tabcorp’s shareholding in Jumbo has increased from 6.6 million shares to approximately 7.2 million shares.

“Tabcorp regards its holding in Jumbo as strategically important. Tabcorp has no current intention to sell any remaining shareholding in Jumbo,” the company said in a statement.