Corinthians, one of the leading football clubs in Brazil and South America, has finalized a historic sponsorship deal with VaideBet, marking the largest ever sponsorship in Brazilian football history. The deal, worth R$370m, will see VaideBet as the front-of-shirt sponsor for Corinthians for the next three years. This partnership also represents VaideBet’s first foray into the football market.
The announcement of this landmark deal comes as a result of the approval of Bill 3,626/2023, which will legalize sports betting in Brazil. With sports betting set to become legal in the country, Corinthians is looking to capitalize on this and has secured a major sponsorship deal with VaideBet. The president of Corinthians, Augusto Melo, expressed his happiness regarding the deal, highlighting Corinthians’ position as one of the biggest brands in South American football.
Andre Murilo, the chief financial officer of VaideBet, also emphasized the significance of this partnership, describing it as a historic milestone for the company. The approval of sports betting in Brazil has sparked excitement, with President Luiz Inacio Lula da Silva signing the bill into law in December. As part of the regulations, personal net winnings will be taxed at 15%, while operators will be taxed at 12% of gross gaming revenue, with the majority of these funds being allocated to sports development.
The next steps following the approval of sports betting in Brazil will involve the ministry of finance publishing regulatory guidelines for operators, with over 130 businesses reportedly interested in applying for licenses. The road to gambling approval in Brazil has been a long one, with various legislative hurdles and opposition from groups such as Evangelicals. However, with the final approval of Bill 3,626/2023, Brazil is now on the path towards full regulation of sports betting and igaming.