Lotteries and wagering firm Tatts Group is rebranding its wagering business under the "UBET" moniker, in what it says is the biggest change in the division's 52-year history.
The Tatts wagering division, currently known as TattsBet, will start using the new name - which reflects the Australian colloquial term meaning "of course" - in early 2015.
Tatts has been working on revitalising its wagering operations for more than 12 months to fight back against a swarm of online competitors.
Tatts chief executive Robbie Cooke says Tatts has not invested enough in the wagering division in recent years and had been slow to adapt as other corporate bookmakers entered the market.
The new brand name will be accompanied by a new website, the unveiling of new, different "flagship" betting outlets and an intense marketing campaign.
Mr Cooke said the rebrand was a critical part of Tatts' revitalisation of its wagering business.
"UBET is a great, punchy name. It's embracing where the business is heading and that's making sure we have a vibrant, live, young brand that responds both to racing and sport to be used across all our customer touch points," Mr Cooke told AAP.
"We've got a two-year horizon in our minds for an intense repositioning of the business."
The first thing that customers would notice under the rebranded business was the new digital aspect: the website and the new mobile app.
The new website was aiming to make it easier for punters to make their bets and was designed to be available on a desktop computer, a tablet or a smartphone.
Mr Cooke said Tatts' retail outlets had not changed since the 1990s, and the old TAB was not particularly inviting.
Tatts was now making dramatic alterations.
Tatts does just under 70 per cent of its transactions through retail outlets.
Mr Cooke said improvements in facilities at Doomben racecourse in Brisbane already had generated a nice lift in transactions on course.
Mr Cooke said Tatts had not engaged in any intensive marketing in the past.
A step-up in marketing spending had been flagged to the share market, but Tatts was keeping the amount under wraps.
Mr Cooke said the securing of Tatts' wagering franchise in Queensland earlier this year under more favourable tax rates had given it the firepower to lift its spending on marketing without having any major impact on the bottom line.
The Tatts wagering division operates more than 1,400 retail outlets in Queensland, South Australia, Tasmania and the Northern Territory and has a national presence through online, mobile app and phone services.
In the 2013/14 financial year, Tatts' wagering division suffered a two per cent fall in revenue to $642.3 million, and earnings before interest and tax fell 7.4 per cent to $144.1 million.
