Brazil: Flamengo approves creation of club-branded sportsbook
Flamengo's Board of Directors has approved the creation of Flabet, the club's sports betting website, which will be managed by Pixbet, the team's main sponsor.
The directors met on Tuesday, August 13, to discuss and vote on the matter. As reported by the UOL portal, there were 123 votes in favor of the idea and only four against it.
Despite bearing the Flamengo name, the platform would follow the same model as others operating in the market, offering the possibility of betting on other teams and sports.
As it is a license for the Flamengo brand, the club has no liability and will not have to pay for any losses incurred by the bookmaker.
According to the aforementioned media, the contract guarantees Flamengo a minimum of BRL 82.5 million ($15,102,945) until 2027. Of this total, there is BRL 10 million ($1,830,660) for the last four months of 2024, BRL 22.5 million ($4,118,985) in 2025, and BRL 25 million ($4,576,650) in 2026 and also in 2027.
However, Flamengo can still receive more money in the agreement if 1% of gross betting revenue is higher than the guaranteed minimum of BRL 82.5 million.
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