Corinthians has announced a R$370m (PS59.8m/EUR69.4m/$75.9m) deal with VaideBet, the biggest ever sponsorship in Brazilian football history.
VaideBet will sponsor the front of shirt for three years at Corinthians, one of the largest clubs in Brazil and South America. VaideBet is making its first foray into the world of football with this partnership.
Sports betting will soon be legalized in Canada following the passage of Bill 3 626/2023.
Augusto Melo, the president of Corinthians said that they were “very happy” to give Corinthians the largest sponsorship in Brazilian history. “We have stressed for years that Corinthians is the largest brand in South American and world football.”
Andre Murilo is the chief financial officer at VaideBet. He added, “Sponsoring Corinthians means sponsoring one of Brazil’s most important institutions, as well as a club that has a beautiful and long history, and fans who are passionate, active and unique.
It is an historic moment for VaideBet that we have planned and achieved over months.
Corinthians looks to capitalize on the approval of sports betting by Brazil
Brazil is ecstatic about the historic passage of Bill 362/2023, and its upcoming regulation on sports betting.
On 30th December, the head of state officially signed into law this bill. Luiz inacio Lula Da Silva, Brazil’s President, approved the new regulation framework.
Reports claim that President Lula has vetoed the proposed exemption from income tax for customers earning less than R$2,112 Net personal winnings are taxed 15%. Operators will pay 12% tax on gross gaming revenues. This total amount will be allocated primarily to sport development.
In Brazil, the next step will be for the Ministry of Finance to publish regulatory guidelines. Over 130 companies are interested in applying to be licensed, according to reports.
Brazil’s long road to approval of gambling
Brazil’s gambling road has been a long and winding one. In May 2023 the final leg of this journey began when Brazil announced that PM 1.182 would be used for sports betting.
Lula signed the law into effect in July, giving the go-ahead to the PM. The PM faced opposition from a number of groups, including evangelicals.
The bill 3,626/2023 was amended to include online casinos. This was approved by the Chamber of Deputies in September. Brazil is now one step closer towards gambling regulation.
The senate initially removed igaming from the bill. The chamber of deputies, however, reincorporated the gambling clause after the bill finally received the greenlight.