UK bookmaker Betfred has agreed to renew its title sponsorship of the Scottish League Cup in a commercial association that first began with the 2016-17 tournament.
SportBusiness understands that Betfred and the Scottish Professional Football League will soon announce the latest renewal.
The gambling operator is currently thought to pay just over £300,000 (€356,700/$394,300) per year to give its name to the competition. Betfred received a boost to its exposure during this season’s tournament as Glasgow rivals Celtic and Rangers contested the final.
Betfred is expected to extend its association for another season.
The SPFL brought in Betfred initially on a three-year deal (from 2016-17 to 2018-19) and then announced a one season-extension in October 2018. Betfred first came on board as the competition was revamped to include a group stage held in July.
The knockout clubs tournament went without a commercial title sponsor between 2011-12 and 2015-16 following the end of a deal with The Co-operative Insurance. The Scottish government did come on board to back the tournament as it became known as the Scottish Communities League Cup in 2011-12 and 2012-13.
The renewal with Betfred means that all three of Scottish football’s professional competitions hold title sponsorship rights deals with bookmakers. Ladbrokes gives its name to all four divisions of Scottish football and rival William Hill is the Scottish Cup title sponsor.
However, Ladbrokes’ title sponsorship deal will not be renewed at the end of this season as it continues to adopt a strategy of reducing its visibility during football matches.
Ladbrokes first came on board as the title sponsor of the four Scottish leagues in 2015, signing a two-year agreement. That deal was worth £2m in the first season, before rising to around £2.1m in the second season.
A one-year option covering the 2017-18 season understood to be worth in the region of £1.5m was then taken up, before a further two-year agreement was signed that extended the partnership to 2020. The annual fee currently paid by Ladbrokes is not thought to have reached the record sum paid by the bookmaker at the start of the agreement.