The new series starts later this month and will be broadcast every Saturday for seven weeks, as the contestants compete in "large-scale stunts" and "nerve-wracking challenges" to win cash prizes.
The first series of 'Red or Black?' was stripped across a week in September 2011, and although its audiences lagged behind previous Syco ratings-winners such as 'The X Factor', ITV said it was the highest-performing entertainment launch in five years.
In a change from last year, half the cash (£500,000 rather than £1m) will offered on each show, but if it is not won, the amount will be rolled over each week and the final prize could reach a whopping £3.5m.
Darryl Bowman, head of marketing at Wonga.com, said: "We're pleased to be supporting such a big show, which, like our service, has been a hit with a mainstream audience from the beginning.
"The new 'Red or Black?' will guarantee viewers a big Saturday night and a must-watch evening of TV."
Wonga.com's integrated sponsorship will include broadcast, online and mobile elements, and will push Wonga's wider 'Straight-talking money' activity.
The sponsorship was negotiated by PHD and the idents will be created by Albion.
Simon Daglish, group commercial sales director, ITV, said: "We're delighted to welcome Wonga on board as part of a multi-platform sponsorship for the all-new second series of this game show extravaganza."
The first series of 'Red or Black?' was sponsored by pizza delivery firm Domino's.
Follow @MaisieMcCabe
