They replace Seasons Holidays who were first backers of the two-mile showpiece from 2007.
Sportingbet now take over and will support the race from 2011 until at least 2015. It is the feature contest on day two of the Cheltenham Festival on Wednesday, March 16.
Cheltenham’s managing director Edward Gillespie said: “This is great news for us at Cheltenham and for jump racing at a commercially challenging time.
“Sportingbet is an existing sponsor at Cheltenham and elsewhere and the company has already demonstrated its appetite for our sport at all levels, including an imaginative sponsorship of the conditional jockeys’ championship.
“We are delighted that they are to back one of the major highlights of our season and are extremely grateful for their sponsorship.”
Andrew McIver, group chief executive of Sportingbet, added: “Everyone at Sportingbet is thrilled to be supporting one of the most important and historic races in the jump racing calendar, and we are honoured to become the first betting company to be associated with this great race.
“We have been looking for an exciting partnership to add to our current racing sponsorship commitments and to support our ongoing voluntary levy contribution.
“Our sponsorship of the Champion Chase will enable us to showcase our brand to a larger audience.”