According to Brothers and Sisters, the campaign is the first "pure brand campaign", with no odds or offers featured.
The ad targets casual gamblers and builds on the existing brand idea, "you’ll love a bit of Betfred". It attempts to position Betfred as "the fun and friendly betting brand".
The 40-second commercial will go live on the 30 August across Sky Sports and BT Sport. Alongside TV, the campaign will run across digital and press as well as featuring in all 1,400 of Betfred’s nationwide stores.
The spot was created by Brothers and Sisters and directed by Bruce St Clair through Biscuit Filmworks.
The ad, called "the dudes" features two "cool" friends who make a walk down a street more interesting by playing "keepy uppy". The characters will feature in future ads from the company.
The agency released unbranded online teaser films to build up to the launch of the TV ad, which featured the pair of friends demonstrating their football skills in an attempt to get signed by a Premier League film.
Gemma Strath, the group marketing director, Betfred, said: "It is very different for a betting company but we are confident that our new campaign will stand out in a very cluttered market place. The Betfred brand is all about entertainment and fun and that's what this new campaign conveys."
Brothers and Sisters won the bookmaker’s account, which has a media budget of more than £5 million, in July, after a competitive pitch organised by Creativebrief. BJL was the incumbent on the account.
Andy Fowler, the founder and executive creative director at Brothers and Sisters, said: "This is more than just the launch of an ad campaign. ‘The dudes’ are the new Betfred characters that we aim to grow and build over time.
"They represent the fun you get with Betfred and you'll be seeing a lot of them in the coming years."