Racing Victoria has announced a net profit of almost $50 million for the 2014/2015 financial year.

After accumulating debt of almost $40 million four years ago, Racing Victoria now has a positive net asset position of $83.7 million.

The turnaround in Racing Victoria's financial position stems from increased returns from wagering operators through the Race Fields Policy and the healthy returns from its joint venture with Tabcorp.

Its strong financial performance allowed Racing Victoria to announce a $16.5 million prizemoney increase earlier in the year, with the majority going to country racing.

The financial result also allows for continued upgrades to infrastrcture with $5.2 million allocated for the reconstruction of the Seymour track and $12 million for lighting to turn Pakenham into a third night racing venue.