Corinthians, the Brazilian soccer giants, have become the latest club to join the sports betting wave in the country by signing a record shirt sponsorship deal with VaideBet.
The three-year agreement will be worth a total of R$370 million ($75.9 million), or R$120 million per year, which is claimed to be the biggest sponsorship deal in the history of Brazilian soccer.
This usurps the record set just last week by Flamengo who agreed a two-year deal with betting platform Pixbet worth R$85 million annually.
VaideBet's agreement with Corinthians will cover the men’s and women’s teams, as well as the club’s basketball and futsal sides.
New Corinthians president Augusto Melo, who was appointed last Tuesday (January 2), said: “We are very happy to bring Corinthians the biggest sponsorship in the history of Brazilian football, the result of negotiations that began during the campaign.
“We always insist that Corinthians has the biggest brand in South American football and one of the biggest in the world. So I insist: no one can think small at this club. Little by little we will recover credibility.”
The agreement with Corinthians is VaideBet's first foray into soccer.
Brazil brought clarity to the country’s sports betting and igaming market after recently ratifying a new regulatory framework into law.
The ratification ends an impasse of the ‘Betting Law’ (created in December 2018) as former president Jair Bolsonaro withheld federal sign-off of sports betting last year due to hardline Catholic resistance to the law.
The move has seen multiple Brazilian Serie A clubs enter into lucrative sponsorship agreements with sports betting firms.
Among those are second-tier Serie B side Juventude, who have unveiled online casino and sports betting platform Stake.com as their new shirt sponsor.
Stake will also serve as the club’s training kit sponsor under an agreement that will cover the club’s men’s and women’s teams.
The betting brand will also have a brand presence at Juventude’s Alfredo Jaconi stadium and training center, as well as interview backdrops, and digital and social media platforms.
The Brazilian outfit joins Stake’s sports sponsorship portfolio that includes English Premier League club Everton, the Stake F1 motor racing team, and UFC.
Meanwhile, Atletico Mineiro have renewed their sponsorship deal with Brazilian construction firm ABC da Construção.
The company will continue as the club’s back-of-shorts sponsor for another season.
The partnership between the two parties originally began in 2021.
ABC da Construção has a strong presence in Brazilian soccer and recently renewed its partnership with Flamengo, in addition to being a sponsor of São Paulo since 2021.
Elsewhere, dental company Neodent has renewed its deals with Athletico Paranaense and Coritiba.
For the third consecutive year, the Neodent brand will be featured on the upper back of the teams’ kits.