Corinthians signs record £59.8m shirt sponsorship with VaideBet

January 9 – Brazilian giants Corinthians have signed a record R$370m (£59.8 million) shirt sponsorship deal with VaideBet.

The biggest sponsorship in Brazilian football history, it will run for three years starting with the 2024 season.

It is VaideBet’s first move into football sponsorship and beats the deal signed by Corinthians’ Rio rivals Flamengo last week who agreed a two-year shirt sponsorship with betting platform Pixbet worth R$85 million annually.

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.”

The surge in online gaming companies signing big money shirt sponsorship deals in Brazil comes after the country signed a bill to regulate the sports betting business on December 30.

Bookmakers will have to apply for licenses to operate in the country. Taxation will see personal net winnings taxed at 15% while bookmakes will be taxed at 12% of gross gaming revenue.

The bulk of the money raised through taxes will be allocated to sports development.

Under the new regulation igaming, virtual games and sports betting terminals have been excluded. A proposal to ban sports betting advertising in stadiums was also omitted.

Andre Murilo, chief financial officer of VaideBet, said: “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.”

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