VaideBet secures sponsorship deal with Corinthians

Brazilian sports betting and online casino operator VaideBet has made history with a sponsorship agreement alongside the São Paulo-based football club Corinthians.

This deal signifies a pinnacle in Brazilian football sponsorship, with VaideBet becoming the primary shirt sponsor for the team, committing $75.65 million (R$370 million) across three years.

This includes $24.53 million (R$120 million) per season, along with an additional $2.04 million (R$10 million) for VaideBet's presence on the goalkeeper's gloves.

Augusto Melo, the President of Corinthians, expressed pride in the agreement, stating: “We always insist that Corinthians has the biggest brand in South American football and one of the biggest in the world. That’s why I insist: no one can think small in this club."

Melo continued: "Little by little we will regain credibility, prominence, and we will return Corinthians to Corinthians. We are starting 2024 with big announcements and VaideBet will undoubtedly be one of our most accomplished major partners."

The VaideBet branding will adorn the attire of various Corinthians teams, spanning men’s, women’s, futsal, and basketball. This collaboration comes on the heels of Brazil's advancement in regulating its online betting and casino industry, as President Lula signed Bill PL3626/23 into federal law.

This sponsorship marks the largest in Brazilian football history and is set to span three years, commencing from the 2024 season. The deal surpasses recent agreements, including the two-year R$85 million annual shirt sponsorship deal Pixbet signed with Corinthians' Rio rivals Flamengo.

President Augusto Melo emphasized: “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 the world.”

The surge in high-value shirt sponsorship deals within Brazilian football aligns with the country's recent legislation to regulate the sports betting industry. This regulation entails licensing for bookmakers, with taxation policies applied to personal net winnings and bookmakers’ gross gaming revenue.

Andre Murilo, the chief financial officer of VaideBet, emphasized the significance of partnering with Corinthians, stating: “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.”