Corinthians, one of the largest clubs in Brazil and South America, has announced a three-year sponsorship deal with VaideBet. This marks VaideBet’s first venture into the football market. The partnership comes as a result of the recent approval of Bill 3,626/2023, which will soon legalize sports betting in Brazil.
Corinthians president Augusto Melo expressed his delight, stating that this is the biggest sponsorship in the history of Brazilian football. He emphasized that Corinthians has the largest brand in South American football and ranks among the biggest worldwide.
VaideBet’s Chief Financial Officer, Andre Murilo, believes that sponsoring Corinthians is not only an opportunity to support one of Brazil’s main institutions but also to be associated with a club that has a rich history and a passionate and engaged fan base. He describes it as a significant milestone for VaideBet, which was planned for several months and has finally been achieved.
With the recent approval of Bill 3,626/2023 and the upcoming regulation of sports betting in Brazil, Corinthians is looking to capitalize on this opportunity. The approval of the bill has generated excitement throughout the country. The Chamber of Deputies gave the final approval to sports betting in December, and Brazil’s President, Luiz Inacio Lula da Silva, signed it into law on December 30, making the regulation official.
Reports state that President Lula vetoed a proposed income tax exemption for customer earnings below R$2,112. Instead, personal net winnings will be subject to a 15% tax. Operators, on the other hand, will be taxed at 12% of their gross gaming revenue, with a significant portion allocated towards sports development.
In the next steps towards sports betting regulation in Brazil, the Ministry of Finance will publish regulatory guidelines for operators. More than 130 businesses are reportedly interested in applying for licenses.
The journey towards gambling approval in Brazil has been filled with twists and turns. The final phase began in May 2023, when Brazil’s government announced PM 1,182 for sports betting. Subsequently, igaming was temporarily removed by the senate but later reintroduced after receiving Lula’s endorsement. The bill faced opposition, particularly from evangelical groups. Bill 3,626/2023 brought about further amendments, including the addition of online casinos. The chamber of deputies approved this in September, ultimately paving the way for gambling regulation in Brazil.
