World Snooker have unveiled online betting firm 12bet.com as the new title sponsor of the World Open.
The one-year deal will see the tournament, which runs from September 18 to 26 at the SECC in Glasgow, named the 12bet.com World Open.
The world ranking event will feature star players including Ronnie O'Sullivan, Stephen Hendry, Steve Davis, Jimmy White, Mark Selby and World Champion Neil Robertson. It carries a total prize fund of £502,500 with the winner to receive £100,000.
World Snooker Chairman Barry Hearn said: "This is a fantastic piece of news for our sport at just the right time. We've made giant strides forward in the commercial success of snooker in recent months and this keeps the momentum going. The new World Open, with a new format, new venue, and new arena, is one of the cornerstones of the new era so we're thrilled to have a title sponsor on board.
"With over 50 hours coverage on BBC and a combined global audience reaching over 100 million, the tournament will give vast exposure to 12bet.com's brand so it's easy to see their motivation behind getting involved with snooker. We hope they enjoy what should be a great tournament and look forward to building a strong relationship with them."
Rory Anderson, CEO for Europe at 12bet, said: "We are delighted to add the World Open to our fast growing sponsorship portfolio. This event will give our brand fantastic exposure not only in the UK but throughout Europe. We are glad to be on board and are excited about the new best of five format."
Masters champion Selby added: "It's always exciting to have a new sponsor and it seems a long time now since we had a ranking event without one. I am sure the World Open will be a great tournament. All the players are looking forward to it, myself included. We'll all be trying to win it and play our best snooker."
The nine-day tournament will feature quick-fire best-of-five frame matches and a random draw for each round.