The bookmaker began the review after an internal realignment of the brand and has appointed Creativebrief to handle the process.
BJL, which has worked with Betfred since 2011, was asked to repitch.
Chemistry meetings will be held in early June and pitches will take place in July. A winner is expected to be announced around 7 July.
The appointed agency will create a multichannel campaign that focuses on mobile ahead of the new Premier League football season in August. In addition, it will build the brand, integrate Betfred’s websites with its stores and broaden gambling’s appeal.
The bookmaker, which has around 1,350 stores in the UK, is planning to spend between £5-6 million on the campaign.
BJL’s most recent work for Betfred used "you’ll love a bit of Betfred" as its strapline and showed a bored man in a supermarket become the centre of a mini-carnival when he starts to make bets on his smartphone.
A spokeswoman for the company confirmed it had kicked off a tender and hired Creativebrief to manage the process.