Tote Tasmania to Target New Markets with New Brand7th December 2009 9:13 am GMT
Tote Tasmania will launch a new international brand next year in order to attract new customers in international markets in Europe and Asia, after the Tasmanian government last week cancelled the sale process for the state-owned betting operator.
At a Government Business Enterprise hearing Friday, Tasmania Treasurer Michael Aird said that Tote Tasmania has identified the need to find new markets, increasingly offshore, as well as alternative forms of revenue based around its core activity of betting.
"Tote will continue to look to Asia and Europe to attract new customers and has established relationships with a number of international operators to bring new and exciting product to its customers from Europe, Asia and North America," said Aird.
The Tasmanian Treasurer said the Tote is a well organised and profitable business with strong cash flow generation, and an "asset which will continue to provide solid returns for the Government." He added that he expects the Tote to announce some exciting initiatives in the New Year which will demonstrate the "internationalisation of the company".
Aird said that the Tote will also launch a new international brand next year and will broaden its business operations through acquisition and strategic alliances to improve the range of services to its customers.
"Tote will expand the range of products and services it offers to its customers to ensure that it remains ahead of the competition and can maintain strong rates of growth," he said. "It will also continue to invest in information technology which is necessary to deliver its strategies and provide the platform to aggressively enter into new markets and exploit opportunities as they arise."
Under the proposal, the Tote would be restructured to focus on new business opportunities, with skilled national and international directors sought out as the company's Board is refreshed.
"Work has now begun to refresh the Tote Board in order to enable the company to capture all of these opportunities. I would hope to be able to make an announcement concerning the new Board early next year," said Aird.