For at least the next two seasons and effective immediately, the club's home ground in Penrith will be known as BlueBet Stadium.
"For a number of years Panthers intentionally retained the naming rights to our home ground," Panthers CEO Brian Fletcher said.
"However the significant and ongoing financial impact of COVID-19, combined with the considerable investment from BlueBet, made this a fantastic opportunity we simply couldn't pass up.
"We're excited to welcome BlueBet to the Panthers family and look forward to giving our members and fans plenty to cheer about at BlueBet Stadium."
BlueBet is one of the only wholly Australian-owned and operated betting companies in the market.
Founded in 2015, it boasts more than three decades of bookmaking experience through founder and Executive Chairman Michael Sullivan.
"BlueBet is thrilled to be on this journey with Penrith Panthers for 2021 and beyond," Sullivan said.
"The Panthers are a young team with plenty of homegrown talent and we think they're a great hope to go one better this season.
"We're putting our money where our mouth is and backing this team to go all the way as evidenced by our investment in BlueBet Stadium.
"We understand how special the club's spiritual home is to the Panthers family and we take great pride in having our name and our brand associated with it."