The money manager bought 495,135 shares of the Dublin-based gaming company valued at $78.18 million in the first three months of the year, according to a Form 13F filing with the Securities and Exchange Commission (SEC).

That’s a new position for ValueAct and the hedge fund’s lone source of direct exposure to the sports wagering industry. Flutter is one of 12 equity positions listed in the regulatory document. Flutter now represents 1.72% of ValueAct’s portfolio.

ValueAct Investment Could Justify Flutter Move to NYSE

While ValueAct’s $78.18 million stake in Flutter represents a scant percentage of the company’s $37.33 billion market capitalization, the investment could be justification for the sportsbook operator’s decision to list its shares on the New York Stock Exchange (NYSE).

That move occurred on Jan. 29. Prior to that, Flutter told investors one of the reasons it wanted to list in New York was to expand its audience of professional investors. ValueAct taking a stake in the gaming company is one example that the NYSE listing has already been validated, but there’s more to that story.