According to new figures, total wagering turnover across all operators on Victorian thoroughbred racing is up 7.3 per cent from July 1 to the Caulfield Guineas meeting two weeks ago, compared with the corresponding period in 2013. The total amount wagered during that time has reached about $1.5 billion, which includes a 13.5 per cent increase for corporate online bookmakers and a 4 per cent rise across Australian totes.

It is these increases that Racing Victoria claims has greatly lessened the impact of an increased turnover tax on corporate bookmakers from the start of the season on August 1. English bookmaking firm William Hill, which owns Sportingbet, last week blamed an increase in fees charged by state racing bodies for a 3 per cent fall in bets placed in the past quarter.

But Andrew Catterall, the executive director of strategy and development at Racing Victoria, said the bookmakers had so far been able to cope with the increased fees.

"Gross revenue [or profit] is up about 10 per cent across the corporates and it is a sector that has also seen new entrants and increased competition, which has been good for the customer through extensive promotions and special offers. And we have witnessed some major shifts in market share between corporate bookmakers, with some established bookmakers recording significant double-digital growth."

The 23 feature days from August 31 to the Ballarat Cup on November 23 are predicted to generate $1.3 billion in turnover or about a quarter of the annual turnover on Victorian racing.

Racing Victoria increased its fees arising from amended "race fields" legislation at the start of July, with traditional and online bookmakers hit with rising fees across all races.

Wagering on horse racing will peak in the next few weeks, which includes this weekend's Victoria Derby at Flemington and the Melbourne Cup on Tuesday next week.

Racing Victoria last week announced a net profit of $18.4 million for the 2014 financial year, from revenue of $310 million. The racing authority also rid itself of debts of about $26 million during the year.