The agreement with South American football's governing body will see the Flutter Entertainment-owned operator sponsor both the Conmebol Libertadores and Conmebol Sudamericana competitions.
Through the deal, Betfair will receive broadcasting and digital assets as well as in-stadia branding.
Stephen Mault, Brand Director at Betfair, said: “These two prestigious tournaments have provided so many memorable moments in world football throughout the ages and we are very proud to be supporting the action for the next three years.”
Flutter Entertainment reported a revenue rise of 18% year-on-year for H1, to £1.02bn ($1.24bn), blaming a 24% fall in profit on the “seasonality of the US business.”
Earlier in the year, the group outlined plans to enhance its global customer proposition to accelerate international growth.
In its 2018 annual report, Flutter Entertainment estimated it held a 2% share in the Brazilian market, labelling it as its most significant grey international market.
The Brazilian government is currently holding a month-long consultation over the potential for regulated land-based and online gambling in the country.
