After completing its first financial year as horseracing operator, 4Racing has reviewed its operations and reorganised its business divisions to allow for a leaner, more performance-driven business.
Effective as of 1 March 2023, the company will be rearranged into the following three distinct business divisions:
- Racing Operations (to manage the racing business)
- Betting (which will include all revenues and costs relating to betting products, including retail)
- Content (which includes content, broadcast and rights distribution).
“As we have reached the end of the financial year (February 2023) and reflect on the past year’s considerable and insightful learnings, it is evident that 4Racing is ready for a new lease on life regarding how it operates from a revenue generation and expense management perspective. We are under no illusions about how difficult the horseracing and tote industry continues to be, which makes managing every cent and finding new business models crucial, as we look to support the sustainability and growth of the industry,” said 4Racing Chief Executive Officer, Fundi Sithebe, about the need to reorganise the business.
Sithebe said the process will realign certain job functions and business units, so as to improve operational efficiencies and lay strong operational foundations to provide a platform for sustained success.
“As we have said from the outset we want to ensure our 4Racing culture is accountable and transparent, hence we are also communicating these operational changes to the broader horseracing industry that 4Racing serves. We believe 4Racing is well positioned for success, and we need to ensure that our business is at the heart of everything we do, with a strong focus on execution and performance. We believe these changes will incentivise revenue growth and help us better manage and allocate costs, as we look to provide the platform for future growth,” added Sithebe.