The ad by VCCP is called "inside track". It opens with Eriksson, who is dressed as a rail conductor, playing with his model train set.
Paul Kaye, who has featured in many BetVictor ads as Maurice the excitable punter, appears and asks Eriksson about his latest odds on football matches.
Victor Chandler, BetVictor’s founder who often appears in ads for his company, does not appear in the campaign.
The ad will air over the weekend in addition to another spot that features football pundit Mark Lawrenson.
Anton Bell, BetVictor’s chief marketing officer, said: "We are delighted to bring Maurice back to TV and develop the story line further.
"It provides us with a creative route that stands out from other gaming companies and enables us to have some fun on the way.
"Maurice has certainly caught the betting public’s imagination to date and this latest series of adverts sees him up to his old tricks alongside two of the most instantly recognisable figures in the world of football."
The work was created by Tom Juneau and directed by Simon Cole through HSI. MediaCom handled the media.