UK bookmaker Betfred has replaced BetVictor as the new title sponsor of darts' World Matchplay tournament.

The three-year agreement with the Professional Darts Corporation (PDC) will see the event renamed the Betfred World Matchplay, with prize money increasing to a record £700,000.

The World Matchplay is the PDC's second longest-running tournament, having first been staged in 1994 at the Winter Gardens in Blackpool, and sees 32 players competing across nine days.

Prize money for the tournament will be boosted to £700,000, an increase of £200,000 from this year’s event, and will see a £150,000 prize awarded to the player who claims The Phil Taylor Trophy next year. The tournament takes place between July 20th to 28th 2019.

"I couldn't be happier to see Betfred involved in one of the biggest events in the darts calendar," said PDC chairman Barry Hearn. “We had committed to increasing prize money across the PDC circuit, and this announcement of an increase for the Betfred World Matchplay will be followed by more good news for players in the coming weeks."

Betfred founder and CEO Fred Done added: "We have always enjoyed a great working relationship with Barry Hearn so I am delighted to have agreed a deal to link up with Barry and the PDC to sponsor one of the biggest tournaments in world darts."

The World Matchplay was won a record 16 times by the legendary Phil Taylor, after whom the trophy is now named, with this years title going to Gary Anderson for the first time.