The state of Western Australia is finally proceeding with plans to privatize its TAB betting operations, reportedly after being warned that the asset’s value was rapidly declining.

The WA government has been publicly discussing a potential privatization of its state-run TAB betting business – the only Australian state-run betting operation yet to be privatized – for four years now. On Tuesday, state Treasurer Ben Wyatt confirmed that the government was proceeding with the sale as part of a broader reform of the state’s gambling sector.

That reform includes replacing existing gaming taxes with the new 15% point of consumption tax (POCT), which will tax out-of-state online betting operators for the first time. The new tax kicks in on January 1, 2019, and the local racing industry has been promised a 30% cut of the POCT proceeds.

Wyatt played coy on what price tag the TAB privatization would garner. Years ago, the state touted a potential AU$1b (US$709m) windfall, but expectations are now closer to AU$500m, and Wyatt said Tuesday that the price could theoretically range as low as AU$200m.