Botafogo, of Brazilian soccer’s top-tier Serie A, have brought on board Cyprus-based international gambling firm Parimatch as their new master sponsor.

The deal, confirmed late last week, will be the biggest sponsorship tie-up financially in the club’s history, the club has said.

Parimatch’s logo will adorn the front of the team’s shirts during the 2023 and 2024 Serie A seasons.

Brazilian media has said that across a two-year contract, Botafogo will receive BRL55 million ($10.4 million) from Parimatch.

The deal represents a breakthrough for Parimatch in Brazil, with the bookmaker being much more of a household name in England.

In that country, Parimatch sponsors four clubs in men’s soccer’s top-tier Premier League – Chelsea, Newcastle United, Aston Villa, and Leicester City.

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By GlobalData

The betting brand was also a partner of Spanish soccer's top-tier LaLiga for two years, between 2020 and 2022.

John Textor, the US businessman and investor who took a controlling stake in Botafogo in January last year, has said: “Botafogo is experiencing a period of international repositioning … restructuring itself in all sectors to attract the best partners.

“We are happy to be the club chosen by Parimatch, a giant in the betting market, to expand its business across Brazil.

“[We have] great satisfaction in signing the biggest sponsorship contract in the club’s history.”

Parimatch International’s chief executive, Anton Rublievskyi, added: “We were looking for a team that shared our values, had a rich history, loyal fans, and big ambitions for the future. We are sure we have found the right one – Botafogo. It is a great honor for us to join this team and conquer new heights together.”

Botafogo finished 11th in the 20-team Serie A table last year.

Last week, fellow Serie A side América Mineiro announced Brazilian online bookmaker EstrelaBet as their new main commercial partner, also until the end of 2024.

Elsewhere in the world of soccer sponsorships, French heavyweights Paris Saint Germain (PSG) have extended their commercial deal with e-cigarette company Geekvape.

Geekvape initially became a PSG partner in July 2021 through a deal that was set to expire in May this year.

Allen Yang, chief executive at Geekvape Technology, said: "I am delighted that our partnership was so successful last year, and it is an honor to carry on the spirit of healthy sport with Paris Saint-Germain, in the new year, in keeping with our mutual pursuit of excellence and elegance for a great new and exciting season."

In early December, Ligue 1 champions PSG brought on board Chinese dairy company Mengniu as a regional partner.

The Parisian giants are currently developing a facility intended to help develop youth soccer in China, which will open in June.

Image: Bruno Prado/Getty Images