It is expected to boost the group’s profile in Italy where it has been a regulated and licensed operator since November.
The sponsorship deal will involve both on and offline co-branding activities, stadium branding and a direct marketing programme via the club’s website.
This follows part of the marketing blueprint that the company followed in the United Kingdom where there have been similar arrangements with Swansea City and Aston Villa.
"We are proud to be partnering with Bologna, one of Italy's oldest and best known clubs,” said chief executive Ed Ware.
“Our previous associations with Swansea City and Aston Villa helped establish 32RED as a trusted and leading casino brand in the UK and we see Bologna as an ideal partner to help promote the 32RED brand in Italy."