The betting exchange is approaching agencies directly about the review, which will include the UK and selected European markets.
The process will run alongside Betfair’s pan-European media planning and buying review, which kicked off in January. Arena Media has handled planning and buying in the UK since January 2012.
Betfair has worked with Big Al’s Creative Emporium on its advertising business since June 2011 but also creates some of its campaigns in-house. Karmarama handles Betfair’s digital account.
The betting company spends £3 million on advertising in the UK, according to Nielsen. Its most recent pan-European ad campaign, which was launched last year, made direct price comparisons with rivals including William Hill and Bet365.
The ad, created in-house, featured a new strapline, "Don’t settle for less", and ran across TV, print and online.
In August last year, Betfair signed a deal to sponsor the Europa League on ESPN, covering all live matches, repeats and highlights shows.
The deal followed an overhaul of Betfair’s sports sponsorship activity that included introducing Will Greenwood, Michael Vaughan, Lee Dixon and Paul Nicholls as brand ambassadors.