Online betting firm Betfair has announced that its mobile app generated £1bn worth of bets in the last financial year. The company says 168,000 people used its app in the last year, which represents an increase of 122 per cent. 

On the back of major events such as the Cheltenham Festival and the FIFA and cricket World Cups, Betfair says revenues from its mobile products jumped 88 per cent. 

The companys mobile offerings consist of apps for iPhone and iPad, which are available in 14 App Stores. Betfair also has an HTML5 web app for other phones, and a new Racing on Your Mobile app. 

The company offers an API that allows third-parties to build mobile apps based on the Betfair Exchange, and runs a revenue-sharing scheme that sees 5 per cent of income returned to the developer. 

“Betfair has had an explosive year in mobile and our sights are now firmly set on reaching even greater heights in the year ahead,” says Raj Vemulapalli, Betfairs VP of mobile engineering. “Developing new betting methods and experiences for the increasing amount of our customers who wish to access Betfair through their mobile phones is a key priority of the business.

“The surge in global smartphone sales represents a significant opportunity for us, and were confident that our track-record of delivering cutting-edge technology for our customers will enable us to capitalise on this trend.”