Acting President Tony Wedlock said the Committee wishes Bettes all the best for the future.
"Steve has been with us since May of 2005, and as he is approaching the end of his existing employment contract with Willowbank Raceway, he has chosen to move on to new horizons and other work opportunities," said Wedlock.
"Steve has worked hard, alongside the Management Committee, to steer the Willowbank Raceway facility through some tough times and achieve some very strong highs. The Management Committee extends our thanks to Steve for all of his efforts over that time and wishes him all the best for the future."
Bettes has been the manager of the facility for more than eight years and believes that this step is a very important one for Willowbank Raceway and himself.
"Willowbank Raceway has been a dream job for me over the last eight years and I have enjoyed it immensely, but now it is time for the facility and myself to engage in new ideas and new directions for the future and part ways," said Bettes.
"I feel that Willowbank Raceway has been a leader in the sport of drag racing for more than 28 years and I certainly think that the last eight years have contributed to that success, and I hope that the facility continues to grow and develop into the future with new management.''
The Willowbank Raceway Management Committee is currently in the process of recruiting for the position and will announce the outcome of that process in due course.
"The board of management of Willowbank Raceway would like to assure its supporters that it is well aware of the impact of losing the services of a person of Steve's experience in drag racing," said Wedlock.
"However, since last year the committee has been working on a strategy that involves a restructure of the business and this latest development will now be incorporated into other structural changes that were planned. The result of all of this will be to see Willowbank Raceway go forward into 2014 and beyond as a leader in Australian drag racing.''