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Tatts completes Tote Tasmania purchase

Australian lottery and gambling giant has concluded its deal to secure southern state’s betting agency.

Friday 30th March 2012

After announcing in December that it had agreed a deal worth AU$103 million (66.6 million) to purchase Tote Tasmanian, Australian lottery and gambling group Tatts Group Limited has revealed that the transaction has been successfully completed. In a very brief statement released on Tuesday, Tatts declared that the ‘completion of the transaction has occurred’ regarding Tote Tasmania and that the betting agency was ‘now part of the Tatts Group’. The cash-strapped government for Tasmania first tried to offload the state-run betting agency in 2009 but was forced to scrap these plans when no bidder met its initial asking price, which was rumoured to be between AU$200 million (129 million) to AU$250 million (161 million). For its part, Tatts initially remained coy and publicly stated as recently as August that it had no interest in purchasing Tote Tasmania. However, this week’s completion means that its TattsBet wagering subsidiary will now have access to the Tasmanian racing and sports wagering market for the next 50 years while also being able to extend this option by a further 49 years at no additional cost. The Melbourne-based firm earlier asserted that it would incorporate its new Tasmanian business into the wagering system that it already operates in Queensland, the Northern Territory and South Australia. “It offers exclusive access for 15 years to the Tasmanian retail wagering market through 26 Tabs and 110 outlets hosted in hotels and clubs,” read a statement issued by Tatts in December. The operator’s Victorian rival TabCorp Holdings Limited was also believed to have been interested in purchasing Tote Tasmanian while the sale drew criticism as it came only weeks after the island state’s government confirmed that the business had been put back on the market.

Source: OnlineCasinoNews

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