The two agencies, which were appointed without a formal pitch, will initially work on a £3.5 million campaign to drive awareness of what differentiates the Betfair online betting service across Europe.
Niall Wass, Betfair's managing director responsible for strategy, appointed Albion to work on brand strategy and a major communications campaign that will run both online and offline. The initial focus is the UK market, but the brief is to develop the campaign across other European markets where Betfair operates.
The UK campaign will break with outdoor, national press and online activity to support Betfair's sponsorship of the Grand National.
Wass said: "We have a leading consumer proposition that challenges the betting market, but can be hard to communicate. We needed an agency that really understood that. Albion has taken our DNA and found a way of telling our story very simply."
Jason Goodman, the managing director of Albion, said: "Betfair's unique offer makes it the only true challenger brand in the market. This is about taking Betfair's message to a much larger group of punters; it has not told its story to the mass market."