W88 will also be prominent on Wolves' full range of training wear, which will be released alongside the new home kit later this month.
As principal partners, W88 will also work with Wolves on a host of mutually beneficial activations throughout the partnership, which is the largest of its kind in the club’s history.
Wolves Managing Director Laurie Dalrymple said: “We are delighted to confirm W88 as our shirt sponsor for Wolves’ first season back in the Premier League and we are thoroughly looking forward to working with them moving forwards.
“The commitment they have shown Wolves even extends to them allowing their logo to be changed to black and grey to complement our old gold, rather than their brand’s usual blue colour, something which we are very grateful for.
“This partnership is certainly the largest in the club’s history, and we are looking forward to working with W88 over the next two seasons.”
Hilly Ehrlich, Business Development Manager of W88, said: "We are absolutely thrilled to partner Wolves, a respected football club with a rich sporting heritage that has helped to shape modern football today.
“This partnership is a major step for us in expanding our global footprint and we look forward to working with the club to engage the fans and supporters of Wolves, both in the UK and worldwide."
W88 offers an impressive array of products from sports betting to live dealer casino, poker and slots, and as such their brand will not be on any products designed for Wolves supporters under the age of 18.
With Academy shirts already sponsored by University of Wolverhampton, the club will announce a dedicated junior kit sponsor before the home and away shirt are revealed.
Dalrymple added: “Wolves has always been a real family club, and as such we take our responsibilities towards young people and young supporters very seriously.
“With this in mind, we have agreed an additional partnership with another company that will feature on all junior kit, which we will announce very soon.”