As the vote to ban greyhound racing draws close, the premier said the matter was now up to the upper house and urged the opposition to change their stance.
The Legislative Council will this week decide if greyhound racing will be phased out in Tasmania.
Legislation was passed by the lower house in early March.
Premier Jeremy Rockliff, speaking at the opening of a redeveloped facility to assist in greyhound adoption, said he was confident he had done all he could and the planned transition process would be effective.
He revealed the upcoming budget will allocate $4.8 million to compensate participants.
Previously, participants had sought $125 million.
"That will not be happening," Mr Rockliff said.
Mr Rockliff said that greyhound racing has "lost its social license."
"I've expressed to the industry how disappointed they must feel. I've said that publicly," he said.
"What I want to see is the industry and the participants are supported in terms of transition out of the industry, but also the animal welfare provisions of the dogs themselves."
Mr Rockliff urged state opposition leader Josh Willie to offer a conscience vote to his members in the Legislative Council.
The comment follows reports of discontent within the Labor Party, that the Tasmanian Party was on the wrong side of history and that members were ashamed of the party's stance.
Mr Willie said he would not put the matter up to a conscience vote.
"It's not a matter of conscience," he said.
Mr Willie accused Mr Rockliff of going back on his promise of not shutting the industry down and said there had not been enough consultation.
"This is a power play from Premier Rockliff, it's going to be interesting if he can't deliver his promise," he said.
The ban was announced in August, two weeks after the Tasmanian state election, by Premier Jeremy Rockliff, a move considered a concession to the Greens and independent MPs.
Those in the industry have been vocal in their opposition to the ban, saying there would be economic shockwaves across the state.
According to Mr Rockliff, 100 greyhounds have been rehomed this financial year.
Rehoming organisation Greyhounds as Pets said demand for the breed had been high and the facility can take on more than 40 greyhounds for rehoming at a time.
The organisation said it can handle demand if the industry is phased out.