Fidelity Investments announced Wednesday that it is acquiring Gambling Synonym, a company that lets gamblers bet online using real money.
The news comes as online poker players and gambling enthusiasts continue to battle over who should pay for online games.
The deal was expected to close this week, but the two sides have been negotiating for weeks.
The move could change how players bet on real-money online games, according to a report by The New York Times.
Fidelity invested in Gambling Sync in April 2016.
The company provides technology that lets gambling players bet with real money in a casino or a mobile app.
“Gambling Synonyms’ technology will make the world’s largest online poker tournament available to gamblers and will enable us to offer a truly online casino experience,” Fidelity said in a statement.
“Our aim is to make the industry more competitive and we will be investing in the business in the years ahead.”
Fidelity’s investment will fund Fidelity Gaming Network, a $1.4 billion business that provides online poker tournaments for players and casinos.
The two companies are also in the process of expanding their online gambling offerings, which include a $10 billion online casino that will open in 2018.
Fiduciary Network, which operates two other online casinos, has announced it will invest $100 million in Fidelity.
Gambling synonyms said in its announcement that it will not take a share of Fidelity or any of the other companies in the company.
FIDuciary Gaming Network was founded in 2005.
It has $3.4 trillion in assets, according the company’s website.
The Gambling Network will be led by executive chairman and CEO Chris Ritter.
Ritter said in his announcement that the acquisition will provide “the best opportunity to further grow our industry.”
Fidluity will work with “industry leaders in the industry to continue to create a superior and more efficient solution for the online casino industry.”