4th of December 2011 Author: Glo Wood
Tasmanian Government to benefit after completion of sale
The sale of the Tasmanian TOTE has ended with the State of Tasmania entering into a binding agreement and selling the entity to Tattsbet Limited, which will pay an upfront consideration of A$ 118.4 million with the potential for a further A$ 15.4 million derived from a GST cash refund owed to the TOTE.
TOTE may be entitled to certain future GST benefits of up to A$43.6 million, which Tatts has agreed to remit to the Government, if and when they are received. In addition, the State of Tasmania will continue to annually receive a tax from the TOTE, estimated at over A$ 6.5 million.
Tatts has agreed to continue servicing certain obligations, including the provision of ongoing access to the TattsBet pool, wagering on Tasmanian racing, a right to air racing radio service, supporting local employment and retaining the TOTE's Tasmanian call centre. Furthermore, the TOTE's customers will have access to the full range of TattsBet products, including both its pari-mutuel and fixed odds offerings.
"This sale is a great outcome for the people of Tasmania and will mean the State will no longer be directly exposed to the significant risks associated with ownership of a betting agency in an increasingly competitive wagering market,' said Premier Lara Giddings.
Several regulatory approvals are needed in order to finalize the deal, including that of the Australian Competition and Consumer Commission. In any way, the deal and is expected to complete by end of March 2012.
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