UK betting and gaming operator Betfred has agreed a three-year deal to become the exclusive title sponsor of the Scottish League Cup which will be renamed as The Betfred Cup.

Betfred will assume the rights ahead of the start of the 2016/17 season with the deal worth around £1m over three years.

This year’s Scottish League Cup was won for the first time by Ross County. For the 2016/17 season, the format will revert from a straight knock-out competition to a group-stage format in the first round, and up to 13 matches to be shown live on BT Sport.

Scottish Professional Football League (SPFL) chief executive Neil Doncaster said: “On behalf of the SPFL I’d like to offer a very warm welcome to everyone at Betfred as new title sponsors of The Betfred Cup and the latest major brand to support Scottish football. We’re absolutely thrilled to have them on board for what is another significant vote of confidence – and investment – in the game.”

Doncaster said that the new format for next season’s Betfred Cup had captured the imagination of supporters, clubs and media, as well as broadcast partner BT Sport and now Betfred.

“By building on our strong points and proud heritage as well as daring to be a little bit different we have shown Scottish football’s enduring popularity and growing reputation for innovation,” he continued. “We know Betfred share in our ambitious vision and we are really looking forward to working with them to bring this proud and popular competition to life for the benefit of Scottish football supporters across the country.”

Betfred chief executive John Haddock added: “We are very pleased to become sponsors of the Scottish League Cup at the inception of its new and exciting format. The SPFL have shown us great enthusiasm and we look forward to a continued and successful relationship.”

The Scottish League Cup agreement follows this week’s announcement that Betfred has extended its title sponsorship of snooker’s World Championship for a further two years.