Betfair boosted by iPhone punters Greater numbers of mobile gamblers have boosted third-quarter revenue at Betfair by 11 per cent as the online gambling exchange said it would meet full-year expectations. The company, which has struggled since it floated at £13 a share in 2010, said punters using its iPhone app helped double mobile revenues to £5.8m in the three months to January 31, compared with the same period in the previous year. IN Travel & Leisure Mobile revenue accounts for 7 per cent of total Betfair income - a figure the company has previously said could rise to 50 per cent by 2016. In a statement Stephen Morana, Betfair's interim chief executive, said trading remained good. "Trading has remained encouraging in Q4, with revenue continuing to exhibit double-digit growth rates and this leaves us confident that we will meet our expectations for the full year," he said. Overall revenue for the quarter was £85.3m, while the company's net gaming revenue for the financial year increased 5 per cent to £255.6m. Simon French, an analyst at Panmure Gordon, projects the company will make about £350m in full-year revenue and £92m in earnings before interest, taxes, depreciation and amortisation. Betfair, which reported a net cash position, said it would continue a £50m share-buy back programme after spending £37.5m on it for the financial year to date. However, Paul Leyland, an analyst at Investec, said there were significant risks to Betfair's business in the medium-term in changing regulation and tax. "Betfair generates around 45 per cent of core revenue from non-regulated jurisdictions," he wrote in a research note. Regulatory change is coming in a number of key markets eg. Germany, Greece, Spain, and we believe this will significantly impact revenue. Betfair announced that Edward Wray, the co-founder of Betfair, would step down as chairman on Tuesday. Gerald Corbett, the deputy chairman, will replace him. Mr Morana became interim chief executive in January, following the departure of David Yu. Mr Morana will stay in the post until Breon Corcoran, formerly chief operating officer of Paddy Power, takes over on August 1 next year. Shares rose 5p, or 0.5 per cent, to 885p in early morning trading.