Treasurer Michael Aird, who announced the Government's intention to sell the business on January 8 this year, said no binding offers had been received.

Last month he said two offers had been made but neither was sufficient.

It is understood the business was valued at between $250 and $300 million by the Government although there were suggestions it could fetch upto $400 million. One valuation was as low as $90 million.

Tabcorp, the Tatts Group, Ladbrokes Plc, Intralot and online betting company Betfair were all seen as potential suitors.

Tote Tasmania turned over more than $746 million last financial year, delivering a consolidated net profit before tax of $9.8 million.

"The Government has undertaken an exhaustive sale process for TOTE Tasmania and has received strong interest in the business," Mr Aird said.

"However, the Government did not receive any final binding offers that were acceptable.

"I have therefore determined that the sale process for TOTE Tasmania should be concluded."

Mr Aird said the Government didn't intend to offer the business for sale again.

He said that TOTE would continue to consolidate its strong financial performance and look to capture its future growth potential with a number of exciting developments planned for the future.

The business has grown 50 per cent over the past 12 months, with the business recording an after tax profit of $6.5 million last financial year.