No charges will be laid over betting activity on Baron Archer in a race at Echuca in March, but Racing Victoria stewards say they will re-open the investigation if further evidence comes to light.

Stewards opened an inquiry into Baron Archer's performance on raceday after he finished third as the $2.80 second favourite.

The investigation expanded when betting exchange Betfair notified stewards of abnormally large betting on the race, specifically an abnormally high volume of matched bets on Baron Archer.

"Stewards have interviewed a number of licensed participants during the course of the investigation and have analysed a number of betting accounts held with various wagering service providers," an RV statement said.

"Stewards have also analysed phone records provided by relevant licensed persons.

"Following detailed consideration of the evidence obtained, stewards have determined that no charges will be laid in relation to the betting on Baron Archer.

"However, should further information or evidence be obtained, stewards will re-open the investigation and take any necessary steps at that time."

Among those interviewed was Tania Hyett, the partner of suspended jockey Danny Nikolic.

Hyett was subsequently charged with betting offences relating to her account when it emerged that as an employee of trainer Robert Smerdon, she had placed lay bets on horses from the stable against the rules.

Baron Archer's then trainer Jason Warren was fined $17,500 for not telling stewards the horse had undergone throat surgery and for giving false and misleading evidence.

Baron Archer has since won one race for his new trainer Wez Hunter.