The Winmau World Masters will be played at The Spa in Bridlington for the next five years after a new deal was agreed.
The lucrative event, which is televised by the BBC, has also been moved from December to September from this year.
Alan Menzies, director of planning and economic regeneration for East Riding, confirmed Winmau's sponsorship boost.
He said: "We're excited to announce a new five-year deal with Winmau which will keep the World Masters at its true spiritual home of The Spa."
The BDO Winmau World Masters features players from 70 nations, including champions from over 140 national and international events worldwide.
Approximately 400 players will converge on Bridlington for this year's tournament from 4-6 September.
The 2008 event was won by former Lakeside world champion and current England captain Martin Adams.
Adams hit 11 100+ checkouts, including the highest of the tournament which won him an additional £1,000 to add to his £25,000 winner's cheque.
Viewing figures on BBC Two during the final peaked at 1.8 million.
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