Tote Tasmania Entering New Markets

Published Sunday, December 06, 2009 -

Michael Aird, the State Treasurer for Tasmania was quoted at a Government Business Enterprise hearing recently that Tote Tasmania will pursue international markets and launch a new international brand. Aird also made comments on the viability of Tote Tasmania claiming it has strong cash flow and consistent returns for the government coffers assuring it is well run and organized. The state values the asset at $300 million Australian dollars and has just taken the business off the market because the offers did not satisfy the required minimum bid. Mr. Aird said at the time,
“I have therefore determined that the sale process for Tote Tasmania should be concluded,"

Aird revealed that the business had grown 50 percent over the past 12 months, and had recorded an after tax profit of $6.5 million in last financial year. Reason enough to keep a profitable enterprise that is going from "strength to strength" Aird said.

With this renewed interest in the Tote many advisors to the State Treasurer are keeping him well informed. Aird pointed out, “Tote Tasmania has identified the need to find new markets, increasingly offshore, and alternative forms of revenue, based around its core activity, betting," adding, “I expect Tote to announce some exciting initiatives in the New Year which will clearly demonstrate the internationalisation of the company,"

It was suggested an investment will be made in new technology to get online and moving in the right direction quickly, and aggressively. A call will go out to the executive directors that Tasmania is looking for expertise to refresh the talent pool in the field. Interesting strategic direction for the Tote, strong, decisive and loaded with potential. The Tote will look to Asia and Europe for new customers and through strategic alliances some of which are already established bring new products to punters from Europe, Asia and North America.

Related news

Return to Latest News