It is understood that the company is looking for a shop to handle work on a campaign for the Euro 2016 football tournament, which is set to kick off in June.
There is no intermediary involved in the process. VCCP will be repitching for the business.
Agencies have been issued with a brief and pitches are expected to take place at the end of next month.
BetVictor’s creative business was picked up by VCCP in 2012 after the agency fought off competition from three other agencies. The process was handled by Oystercatchers.
VCCP launched a rebrand for the company in November last year. The ad aimed to position the brand as a straightforward bookmaker and moved away from featuring comedian Paul Kaye.
Victor Chandler stepped down as chairman in 2014 after the business was acquired by Michael Tabor.
A spokesman for BetVictor said: "VCCP continue to play an integral part in the sustained growth of BetVictor and we have always been delighted with the quality of their work. We have though decided for our Euro 2016 campaign to examine a number of other creative agencies and allow them the opportunity to pitch alongside VCCP."
VCCP added: "We very much hope we retain [the business]".