Wolves today celebrated a stunning commercial triumph by landing a seven-figure deal with a major online betting company for shirt sponsorship.

The promotion-chasing club are linking up with Sportingbet.com in June with the biggest sponsorship deal in the club’s history worth more than £1m over the next two seasons.

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The agreement, which will be worth even more to the Championship leaders if they go on to secure Premier League football next season, flies in the face of football’s desperate struggle to land sponsors in the current economic climate.

It ends the club’s five-year shirt sponsorship by consultancy firm Chaucer although they will remain commercially involved at Molineux where the company’s founder Bob Laslett, retains a seat on the board.

But the new agreement with the multi-national betting company is being hailed as another coup for Wolves to follow their hat-trick of successes at the weekend’s Football League awards.

They were named Family Club of the Year to supplement star forward Sylvan Ebanks-Blake’s two awards for Championship Player of the Year and Goal of the Year.

The deal was announced today at Molineux where Chief Executive Jez Moxey said: “We are delighted to have secured a partner with a global presence and a leader in online gaming. The Sportingbet.com team are passionate about football which makes them the perfect fit for our club and for our loyal fans.”

But Andy McIver, Sportingbet.com Chief Executive said: “We’re delighted to be associated with such a well known and successful club. I believe that this is the basis of a great partnership. Football is the bedrock of our business and we look forward to working closely together.”

As well as its branding appearing on Wolves’ new home and away shirts it will also become the club’s official betting partner and sponsor Wolves’ official website.