The two-year agreement, valued at £20 million per year, will take effect next season in conjunction with their new kit deal with Adidas.
According to Telegraph Sport, the deal is more than double the value of their current sponsorship deal with Chinese betting firm BK8.
This news follows the earlier announcement that Adidas will take over as Villa's kit manufacturer at the conclusion of the current campaign, replacing Castore, which faced significant criticism for the club's current kit.
Reportedly orchestrated by Villa owner Nassef Sawiris, who holds close to seven per cent ownership in Adidas, the long-term agreement is expected to generate millions in revenue for the club.
The move reflects Villa's commitment to boosting commercial revenue and addressing Financial Fair Play (FFP) concerns in the future.
However, Villa's partnership with Betano as a major sponsor will only last for the next two seasons, as the Premier League is set to ban front-of-shirt gambling sponsors starting from the 2026/27 season.
Despite recording losses of £119.6 million for the fiscal year ending May 31, 2023, Villa remains optimistic about compliance with regulations, as annual revenue has increased from £178.4 million to £217.7 million from the previous financial year.
Currently enjoying one of the most successful seasons in modern times, with a fourth-place standing in the Premier League, Villa's on-field success is translating into improved commercial deals, setting the stage for further growth in the upcoming summer.
