Victorian racing is in a healthy financial position following the release of key results for last season.

It comes after two distinct halves, firstly a wet spring and then a drier than expected second half of the year.

Racing Victoria announced wagering grew by 8.4 per cent to $6.24 billion, the first time it has surpassed $6 billion in a season.

The number of owners participating in Victorian racing topped 68,000 with nation high attendances statewide of 1.34 million of which country racing delivered a 1.5 per cent increase helping off-set a second-half drop due to the redevelopment of the Flemington grandstand.

In a statement RV chief executive Giles Thompson thanked the clubs, trainers, owners and jockeys along with the media and wagering partners for helping drive wagering, engagement and attendance.

"These results are the work of many stakeholders across the industry with their efforts supported by our wagering partnerships, key programming enhancements, media strategy and continued investments in infrastructure, tracks, integrity and welfare," Thompson said.

"We were particularly pleased with the results from our peak periods of the Spring Racing Carnival and the rebranded Festival of Racing which both enjoyed growth in attendance and turnover, while showcasing elite racing to the wider community within Victoria and abroad."

Thompson said there would be more positive news when the official reporting of the 2016/17 financial year (FY17) was completed.

"Racing Victoria will post a healthy surplus for FY17 in part due to wagering revenue increases of 3.5 per cent," Thompson said.

"This is a strong result with turnover increases offsetting reduced returns to the three codes from the Tabcorp Joint Venture."