UK gaming company Betfred will pay US$3 million over the next four years to sponsor the World Snooker Championships. The company has taken over the sponsorship of snooker's flagship event, held at the Crucible Theatre in Sheffield, from online bookmaker 888.com.

"We have been working really hard on trying to get new sponsors since 888.com ended their sponsorship after last season's tournament," said a spokesman for the tournament. "But the Crucible event is so popular we were always confident we would find a new sponsor."

Experts regard the sponsorship as one of the best bargains in sport. It guarantees extensive television coverage on prime time television for a relatively small fee.