Corinthians has announced a R$370m (£59.8m/€69.4m/$75.9m) deal with VaideBet, the biggest ever sponsorship in Brazilian football history.
One of the biggest clubs in Brazil, as well as South America, Corinthians will have VaideBet as its front-of-shirt sponsor for the next three years. The partnership is VaideBet’s first move into the football market.
The agreement comes in the wake of the approval of Bill 3,626/2023, with sports betting soon to be legal in the country.
Corinthians president Augusto Melo said: “We are very happy to bring Corinthians the biggest sponsorship in the history of Brazilian football. We have always stressed that Corinthians has the biggest brand in South American football and one of the biggest in world.”
Andre Murilo, chief financial officer of VaideBet, added: “Sponsoring Corinthians is sponsoring not only one of the main institutions in Brazil, but also a club with a very beautiful history and a fan base that is admittedly passionate, engaged and unique.
“It is a historic milestone for VaideBet, which we planned for months and managed to achieve now.”
Corinthians looking to capitalise on sports betting approval in Brazil
The historic approval of Bill 3,626/2023 and the forthcoming regulation of sports betting has sparked excitement in Brazil.
The head of state signed the bill into law on 30 December. Brazil’s president, Luiz Inacio Lula da Silva, then made regulation official, ratifying a new regulatory framework for sports betting and igaming.
According to reports, President Lula vetoed a proposed income tax exemption for customer earnings of under R$2,112. Personal net winnings will be taxed at 15%. Operators, meanwhile, will be taxed at 12% of gross gaming revenue. The bulk of that total will be allocated to sports development.
The next steps in Brazil will include the ministry of finance publishing regulatory guidelines for operators. Over 130 businesses are reportedly interested in applying for licences.
Brazil: a long journey to gambling approval
The road to gambling in Brazil has certainly had lots of twists and turns. The final stretch of the journey kicked off in May 2023, when Brazil’s government announced PM 1,182 for sports betting.
Lula gave the PM the all-clear, signing it into law in July. However, the PM met opposition, particularly from evangelical groups.
Bill 3,626/2023 made amendments, with the addition of online casino. The chamber of deputies approved this in September, moving Brazil one step closer to gambling regulation.
Igaming was initially removed from the bill by the senate. However, the chamber of deputies reincorporated it as the bill was finally given the green light.
