The company, which was Wolves’ main sponsor last season, will see its logo feature on the front of Villa’s home and away shirts in the 2019/2020 campaign.
Nicola Ibbetson, the club’s chief commercial officer, said: “The club is delighted to welcome W88 as a new principal partner of the club, its logo will sit proudly on our kit for the 2019/20 Premier League season.
"This is a record-breaking commercial partnership for the club, our promotion to the Premier League offers our club partners a global platform to reach our worldwide fan base.”
W88 replace 32Red, another betting firm, as Villa’s main sponsor.
Regulated in the Philippines, it has a strong presence in Asia. They specialise in sports betting, live dealer casino, poker, slots and lottery games.
Wolves announced their own club-record deal with ManBetX earlier this week, having cut short their contract with W88 just one season into a two-year agreement.
Hilly Ehrlich, W88 business development manager, said: “We are both thrilled and excited to be working with Aston Villa, who, for more than 140 years, have been one of England's top football clubs.
"We look forward to engaging with the fans, players and club management in the coming months. W88 is a renowned online gaming brand with a significant member base. The brand represents trust and integrity, with sports namely soccer at its core.”