The online campaign, created by Big Al's Creative Emporium, features cricketer Michael Vaughan, footballer Lee Dixon, horse trainer Paul Nicholls and rugby presenter Will Greenwood as the "ambassadors" of the party.
The ad plays on the 1990’s classic Ferrero Rocher's ad, famed for its line "Ambassador, with this Rocher you are really spoiling us".
The Betfair ad features the same ambassador’s party, except the Ferrero Rocher chocolates have been replaced by betting balls with tip-offs in the middle. One of the female partygoers says in a European accent, "Oh Ambassador Dixon, with these delicious football insights you are really spoiling us".
When asked how good his rugby insights are, "Ambassador Greenwood" replies in his broad Yorkshire accent "Excellente". The strapline reads "Enjoy the reception at Betfair.com".
The ad was directed by Matt Lipsey. The production company was Tantrum and the ad was produced by Ali Fraser.
Betfair introduced its four brand ambassadors and ended its relationship with FC Barcelona after two years, earlier this month. The sports stars have signed up to front Betfair ads for the next year.
Earlier this week, the online sports betting provider placed QR codes on the bikini bottoms of two beach volleyball sportswomen, in a bid to sign up new customers at the test Olympic beach volleyball tournament.