It will give users with WAP enabled phones free access to the editorial content currently available on Teletext's Digital TV service.
The ad opportunities will include banner advertising, sponsorship and tenancy. These ads will appear in off-portal space, which is outside of the network operator's portal.
Teletext Mobile will contain news, sport and entertainment stories, as well as weather and travel information, holidays, games, ringtones, competitions and betting services.
The provider has designed a "My Teletext" function which it hopes will speed up the browsing process. It allows users to personalise the homepage to include preferred information like news headlines, football scores or daily horoscopes.
To promote the launch, Teletext is offering a free SMS results service covering every World Cup game.
Sean Grant, director of commercial text at Teletext, said the new mobile service will provide "cross-platform opportunities".
He added: "Launching a mobile internet service is a natural progression for Teletext as our digital and interactive services continue to grow."
The launch of Teletext Mobile is not the only recent development from the company as it looks to change strategy from its analogue TV past.
In January, Teletext relaunched its digital TV holiday service, allowing advertisers to show digital display ads for the first time. The service is available via the family of ITV and Channel 4 channels on Sky.
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