Tasmania To Sell Tote

In Australia, legislation has been tabled in Tasmania that could see the sale of the state’s Tote operation by the end of August subject to Parliamentary approval.

Michael Aird, Treasurer for Tasmania, stated that the new legislative reforms have been included as amendments to the Gaming Control Act of 1993 and the Tote Tasmania Sale Bill, which provided for the sale of Tote Tasmania.

Aird is also Tasmania’s Minister For Racing and revealed that the new legislation, if passed, would also bring the state’s Tote under the same regulatory framework as all other gambling providers and make it subject to the independent oversight of the Tasmanian Gaming Commission.

“Tasmania is already highly regarded in the global gaming market and is well recognised internationally for its probity standards and regulatory framework,” said Aird.

“The legislation tabled today is necessary in the interests of probity and consumer protection and will enhance Tasmania’s regulatory system even further.”

The proposed amendments would see the new operator of the Tote receive a 15-year exclusive licence to operate parimutuel wagering in the state and break the ‘current nexus’ between Tote revenues and funding for the Tasmanian racing industry.

“The Government has made a commitment to fund the Tasmanian racing industry separately under a legally binding deed,” said Aird.

“This will provide the most secure funding structure in Australia and create certainty for the industry.

The Minister revealed that expressions to buy the Tote could be called for by next month while the state’s competitive tax regime alongside the totalisator’s strong penetration into the Asian gaming and wagering market are expected to be key factors to any interested buyer.

“The legislation tabled today is designed to attract new offshore and domestic investment in Tasmania and create jobs which will benefit the economy,” said Aird.

“The reforms will further enhance its value and increase its appeal to potential buyers both outside and inside Australia.”