The authors demonstrate how lateral electric fields can be used to precisely control the exciton-biexciton splitting in InGaAs quantum dots. By defining split-gate electrodes on the sample surface, optical studies show how the exciton transition can be tuned into resonance with the biexciton by exploiting the characteristically dissimilar DC Stark shifts. The results are compared to model calculations of the relative energies of the exciton and biexciton, demonstrating that the tuning can be traced to a dominance of hole-hole repulsion in the presence of a lateral field. Cascaded decay of the exciton-biexciton system enables the generation of entangled photon pairs without the need to suppress the fine structure splitting of the exciton. Our results demonstrate how the exciton-biexciton system can be electrically controlled.