BSkyB's wholly owned betting service will create a special service for viewers with Sky Digital, offering them the chance to place various types of bet on all the races that feature in C4's live coverage.
The service will be accompanied by a host of extras such as betting tips, competitions, and information on the day's runners.
This is the second deal Sky Bet has struck with C4's interactive arm, 4Interactive. Last month Sky agreed to provide an interactive betting service to accompany C4's coverage of this summer's Test cricket series between England and the West Indies.
The service offered Sky Digital viewers betting options such as predicting the amount of runs scored at any particular over, the match result, the next man out and the type of dismissal for the next man out.
The launch of these new services is part of C4 commercial director Rob Woodward's strategy to reduce the broadcaster's reliance on advertising revenue.