Despite recent criticism from several industry participants, Racing Victoria insists racing in the state is in good shape.

RV has released figures for the 2017-18 season that show its KPIs were strong in many areas.

Wagering turnover grew to $6.42 billion, an increase of 2.7 per cent despite a decline of 50 per cent from one key corporate bookmaker amid an evolving wagering market.

Excluding that corporate bookmaker, turnover would have been up closer to 7.5 per cent.

However, while there was growth in total turnover, parimutuel wagering was down from $2.03 billion to $1.90 billion.

But punters embraced RV's initiative of three months of race-free Mondays and double header Wednesday meetings, resulting in a 14.1 per cent increase in turnover.

A record $635.18 million was wagered on 53 night meetings, recording an average 8 per cent increase across all timeslots

While the numbers read well, RV chief executive Giles Thompson says there are challenges.

He said the introduction of a point of consumption tax and the continuing challenge from NSW who are enjoying the fruits of major government concessions were two examples.