TOTE Tasmania was a company whose shares were held by the Treasurer and the Minister for Racing in trust for the Crown. The constitution of the company was a schedule to the TOTE Tasmania Act and could only be amended by a special resolution passed by both Houses of Parliament. It was required to obey Treasurer's Instructions issued under the Government Business Enterprises Act 1995 and was subject to the scrutiny of the Auditor-General.
The Act did not enshrine formal representation of the racing codes on the Board but specified only that the directors must have the experience and skills to operate a successful business. They were charged with promoting the development of the racing and breeding industry and promoting Tasmanian racing and wagering on it
After a lengthy process, TOTE Tasmania was finally sold to the Tattersalls Group. It's last day of operations as a state entity was 27/03/2012.