The agreement sees the blue-chip betting company retain title sponsorship of the competition, which began in 2016, on improved terms and until at least the end of season 2019/20.
SPFL chief executive Neil Doncaster confirmed the news at the league’s General Meeting this morning at Hampden Park.
The announcement, which represents another significant investment into Scottish football, comes in the week leading up to this Sunday’s highly-anticipated Betfred Cup semi-finals, with Heart of Midlothian taking on holders Celtic at BT Murrayfield at 1.30pm, and Aberdeen facing Rangers at Hampden Park at 4.30pm, both exclusively live on BT Sport.
It follows on from the success of an exciting and innovative new format, which was introduced at the beginning of season 2016/17. This revamp included a group stage with a ground-breaking bonus point system beginning in the summer months, a new broadcast partner in BT Sport, increased revenue for clubs and a pre-Christmas final allowing for the re-introduction of the winter break.
Betfred, which was established in 1967, has since grown to a 1,400 betting shop and vast online business. The company has a strong pedigree of sporting sponsorships including existing agreements with the Rugby League Betfred Super League and Betfred World Snooker Championship.
Neil Doncaster, SPFL chief executive, said: “We are delighted to announce this sponsorship extension with Betfred as we build up to this Sunday’s Betfred Cup semi-finals at BT Murrayfield and Hampden Park.
“Betfred have fully embraced the new competition format since its inception in 2016 and we look forward to continuing our partnership until at least 2020.”
Betfred boss Fred Done, said “I feel that the revamped Betfred Cup has been a tremendous success and I had no hesitation in agreeing an extension to the current deal.”