Under the deal, BetVictor will be the title sponsor of eight tournaments during the 2023-24 WST season.
These events will include the four BetVictor Home Nations Series events and the BetVictor European Series, as well as the BetVictor Championship League.
Money earned by players in the eight events will be tallied on the BetVictor Series Rankings. The list leader after the eighth and final event will earn the £150,000 (€175,471/$191,639) bonus.
“An outstanding partner” for snooker
“We have worked with BetVictor for many years and they have been an outstanding partner for our sport,” WST chairman Steve Dawson said. “We are thrilled to continue working with them on a wide range of tournaments during the 2023-24 season.
“Snooker has an extraordinary global reach through our vast broadcast and digital audience, extending to every corner of the planet. BetVictor have joined us on that journey, providing them with huge exposure for their brand worldwide.”
BetVictor’s head of sponsorship, Sam Boswell, added: “We are delighted to continue our long-standing sponsorship of snooker with eight BetVictor titled tournaments. And of course the BetVictor £150,000 bonus race, which has been incredibly popular with players since its creation in 2020.
“We are looking forward to some great drama on the table over the next 12 months.”
The renewal comes after BetVictor last week revealed its new group corporate identity, with the business to rebrand as BVGroup.
The group said its new name will reflect the business’ position as a multi-brand gambling operator and B2B technology solutions provider.
BVGroup will also launch a new logo and corporate website to reflect its name change.