Spreadex is a British-based company offering financial and sports spread betting and sports fixed-odds betting.
Burnley’s new kit for the 2021-22 season featuring Spreadex’s logo will be revealed later this week.
Burnley were previously sponsored by LoveBet, but The Athletic revealed in January the Asian gambling company was experiencing serious financial difficulties.
The announcement follows the shirt sleeve sponsorship agreement with AstroPay last week with the two deals the result of the early termination of the three-year shirt and sleeve sponsorship deal Burnley had with LoveBet.
The Athletic reported in January that LoveBet were in financial difficulties and the club were exploring the possibility of a new shirt sponsor.
When ALK Capital arrived, they began a huge internal commercial review of all current commitments as they look to increase the club’s marketing potential.
The issues with LoveBet became apparent which resulted in their branding being removed from the stadium and club website as they renegotiated terms.
ALK naturally would not have wanted to be in a position where they were going out into the shirt sponsor market so quickly. However, they needed to avoid the £7.5 million shortfall in income next season.
Some supporters may question the deal to partner with another betting company.
Chairman Alan Pace has his own views on gambling due to his involvement with the Church of Latter-day Saints who are anti-gambling. In January he tweeted promising gambling sponsorships would be reviewed as part of the overall commercial strategy.
The wider view is the deal is in the best interests of the club for next season with the two deals thought to net Burnley a combined similar income to the previous agreement, according to a source close to the club.
Whilst Pace can veto decisions, this was a collective decision made by the board and the commercial team and there is satisfaction they were able to complete two deals in a short space of time
The one-year agreement is an indication the club is going to closely monitor the arrangement and have not cashed in by signing a big money, longer-term deal.
Sources say the club are looking forward to working with a UK-based shirt sponsor for the first time in a number of years. There will be a connection and communication between partners which was not the case with LoveBet and the pair will collaborate on a number of positive initiatives.