Wet weather has been blamed for a fall in wagering giant UBET's turnover and revenue for the past financial year.

The Tatts Group, of which UBET is the wagering arm, released its annual report to shareholders on Thursday.

Tatts' managing director and chief executive Robbie Cooke said UBET's turnover had declined by 6.9 per cent while revenue was down by 3.7 per cent.

He said UBET had a heightened focus in the year on risk management and a refinement of promotional offers which successfully lifted win-rates.

"These initiatives did however come at the expense of UBET's turnover growth which was also subdued by the loss of an additional 347 races across all three racing codes due to bad weather," Cooke said.

"The weather also unhelpfully impacted thoroughbred field sizes which were down an average two per cent."

He said UBET was particularly focused on new customer acquisition which meant UBET's revenue was down a less pronounced 3.7 per cent at $587.5 million.

Most of Queensland's bad weather was in the north and central parts of the state where most of the meetings were lost.

UBET has an exclusive wagering deal for Queensland racing for 30 years but is in negotiations for a merger with Tabcorp.