The through-the-line campaign, created by Tricycle London, shows Foxy with a "slicker, hipper look" in a purple suit.
The 40-second TV ad shows Foxy and his friends dancing on Brighton Pier to a remix of Get Happy! by Judy Garland.
Matt Carter, the Tricycle creative director, developed the ad and also directed it through the agency. UM London is the media agency for the campaign.
The ad will launch tonight after Coronation Street on ITV.
Foxy Bingo has also released a teaser film online which carries the tagline #WhoTheFoxThat and shows glimpses of Foxy with a purple umbrella arriving at Brighton Pier.
This will be supported by online activity including a comedy video featuring Joey Essex, the reality TV star, showing how Foxy got his new look.
Matt Carter, the creative director at Tricycle, said: "This is our most ambitious campaign yet, with multiple ads to be released throughout 2015.
"We’ve managed to bring a bit of retro cool to the Foxy Bingo brand. A brilliantly fun location, some amazing choreography, all accompanied by an iconic 50’s track should make this another successful campaign for the lovable northern Fox."
Golan Shaked, the director of games at bwin.party, which owns Foxy Bingo, said: "Foxy's makeover represents the recent upgrade to our overall product proposition.
"We have made Foxy Bingo more contemporary with over 60 new, best in class games, an upgraded user interface and great emphasis on developing the mobile and touch device experience."
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