UPDATE 2-Betfair hits back of the net after World Cup boost

(Recasts, adds CEO, analyst comment, shares)

* World Cup boosts revenue in 2010/11

* May and June revenue below expectations

* CEO Yu cites personal decision to leave

* Year EBITDA 73.2 mln stg vs f'cst 61.7 mln

By Matt Scuffham

LONDON, June 29 (Reuters) - Betfair reported full-year earnings ahead of forecasts due to a sharp rise in soccer bets placed on the world's largest betting exchange during and since last year's World Cup.

The company said earnings before interest, tax, depreciation and amortisation (EBITDA) rose 37 percent to 73.2 million pounds ($117 million) in the year to end-April.

That was ahead of the average forecast for 61.7 million according to a Thomson Reuters I/B/E/S poll of 10 analysts.

Revenue from sports betting grew 10 percent during the period, including a 24 percent rise from soccer which is now the biggest contributor to revenue.

Departing Chief Executive David Yu said trading had deteriorated, however, in May and June.

"Betfair revenue in this period is lower than the prior year comparative period, which was significantly inflated by the World Cup," Yu said in a statement on Wednesday.

Shares in Betfair, which have dived from 1,610 pence shortly after its flotation last October, were up 0.1 percent to 773.5 pence at 1415 GMT.

Its share price performance has been hindered by concern over changes to online gambling laws in countries such as Spain, Greece and Germany, and intensifying online competition from traditional bookmakers such as William Hill and Ladbrokes.

"We are disappointed by the revenue trends. We also anticipate a period of uncertainty as the search for a CEO begins," said Espirito Santo analyst Geetanjali Sharma, who advised clients to sell the stock.

Betfair said on Monday it was looking for a chief executive after Yu indicated he would not renew his contract.

Yu has been chief executive for six years but some analysts had questioned the suitability of the company's former technology chief for the role.

On a conference call with reporters on Wednesday, Yu said he had not been put under pressure to leave.

"It was a personal decision. I've been in the business for 10 years and had a pretty long tenure as chief executive," he said.

"I wanted to make sure we could start the succession process in an orderly way. I have the full support of the board and it's business as usual internally."

Betfair acts as an intermediary between gamblers wanting to place a bet or offer odds to others, taking commission on their winnings. Last year, it matched more than 900 million bets.

The company said football had overtaken horseracing as the biggest contributor to its revenue.

"This is the result of a concerted effort over recent years to position the brand closer to football," said Yu.

"Horseracing showed a marginal decline year on year, being harder hit by weak UK economic conditions as well as a shift from betting on racing towards other sports."

Betfair said it would pay a maiden dividend of 5.9 pence per share and intended to buy back up to 50 million pounds of shares.

($1 = 0.626 British Pounds) (Reporting by Matt Scuffham)