Online betting exchange Betfair announced that it has signed an agreement that will see it become the sponsor of "Taunton's Richest Raceday".
The move is the first major sponsorship agreement for Betfair after the debacle at the Irish Leopards Town event, where a glitch in the company's software caused the company to void all bets on the race.
Taunton's Richest Raceday will feature a £70,000 prize pot, which is the largest in any single race by Taunton.
Speaking about the sponsorship, Betfair Spokesman Tony Calvin said "This sponsorship forms part of our on-going, three-year, £3 million commitment to grass roots racing."
“An integral part of this commitment is the supporting of independent courses such as Taunton , as these are the tracks that are finding it particularly difficult to make ends meet in the current economic climate."
"So we are pleased that the funds are flowing to the right destinations, and that our sponsorship allows the course to put on such an attractive card."