May 21 – Brazilian giants Flamengo are closing in on the renewal of their partnership with bookmaker Pixbet in what will be the club’s biggest-ever sponsorship.
On Thursday, the club council will vote on a renewal of Flamengo’s agreement. To date, Pixbet paid R$85 million ($17 million) per year to be Flamengo’s title sponsor but under the new deal, the Rio club would bank R$470 million ($92 million) from 2024 to 2027.
In 2022, Pixbet first partnered with Flamengo and earlier this year the betting operator became the club’s shirt sponsor as part of a new deal, replacing BRB. Pixbet is also a sponsor of crosstown rivals Vasco da Gama.
The sponsorship underlines Brazilian football’s strong relationship with and increasing dependence on the betting industry.
Corinthians and Fluminense are among the other major clubs to have agreements with betting operators. Last year, 39 out of 40 Serie A and Serie B clubs had a sponsorship deal with a betting operator.
The Brazilian market is seen as one of the most lucrative for online bookmakers but at the end of last year, President Luiz Inacio ‘Lula’ da Silva government moved to regulate betting in the country that had been operating in a grey area under the government of Jair Bolsonaro.
Previously, sports betting in Brazil was outlawed. Operators will need to obtain a Brazilian license with a degree of incorporation in the country to operate as the authorities seek to generate tax revenue and combat rogue operators.
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