The event is the fourth edition of the tournament, which takes place at the Tercentenary Sports Hall in Gibraltar. The prize pool for this year will be £177,000, and will see some of the world's top players duking it out. Betway will get the title sponsorship role, and will also get signage and other marketing opportunities as well.
"As the title sponsor of the UK Championship, we're delighted to be extending our involvement in the sport with the Gibraltar Open," said Betway's Paul Adkins. "Some of the world's top players are set to clash at this year's event and we're very much looking forward to an exciting week of action."
World Snooker Chairman Barry Hearn also commented, noting: "We are thrilled to have Betway on board for this fantastic event. They are a huge supporter of snooker and have also been title sponsor of the UK Championship for the last four years.
"With some top players heading out to do battle on the rock, I am certain we will see a week of enthralling action and I can't wait for the event to get started."