The deal will run for the duration of the 2021-22 season, with LV Bet to benefit from a range of digital and matchday coverage rights.
LV Bet will also run a weekly competition with fans able to win prizes including matchday experiences and team merchandise.
In addition, LV Bet will promote responsible gambling throughout its communications with fans.
“We understand how important it is to ensure we promote responsible gambling and we’re happy that our new partner shares this value,” West Brom’s commercial director Simon King said.
“As well as this, we’ll also be working hard to ensure our supporters benefit from this relationship through the release of unique content and special prizes to be won throughout the season.”
LV Bet chief commercial officer Marcin Jablonski added: “Partnering with a storied club like West Bromwich Albion presents us with a unique opportunity. This is a club with a deep-rooted and highly committed fanbase.
“We’re genuinely enthused by the prospect of connecting with those fans, maximising our partnership rights and taking our brand presence to new heights in the UK.”