Betting platform Pixbet has expanded its partnership with Flamengo by becoming the top Brazilian soccer club’s new shirt sponsor under a lucrative two-year deal.

The bookmaker will pay R$85 million ($17.3 million) per year, which is claimed to be a record figure for a shirt sponsorship deal in Brazil.

Pixbet will make an initial payment of R$20 million upon signing the contract and then pay five installments of R$30 million over 24 months.

The betting brand will replace Brazilian bank BRB which has been the Campeonato Brasileiro club’s front-of-shirt sponsor since 2020.

BRB’s deal was worth around R$22.5 million per season, meaning Flamengo has achieved an annual uplift of R$40 million.

Pixbet will sponsor the Flamengo men’s and women’s teams, as well as the Brazilian club’s basketball side.

It will also have visibility on the club’s digital platforms, stadium LED boards, and FlaTV in-house TV channel.

Pixbet has had a partnership with the club since 2022, serving as one of multiple shirt sponsors with its logo featuring on the upper shoulder of the team’s kits.

Indeed, BRB has signed a three-month extension with Flamengo and will reverse roles with Pixbet and feature on the top of the club’s shirts.

Gustavo Oliveira, Flamengo vice-president of communications and marketing, said: “Pixbet has been a great partner since 2022 and now brings an even greater investment to Flamengo. 

“This is a very important contract. It makes our kit even more valuable and gives enormous visibility to the partner, not only with brand exposure on the uniforms but also on our digital channels.”

Tadeu Dantas, co-founder of Pixbet, added: “The partnership with Flamengo is strategic. This is an important asset both for the visibility and the engagement that a sponsorship of this size guarantees for Pixbet.”

Pixbet is also the front-of-shirt sponsor of Vasco da Gama having renewed its deal with the club last year until the end of 2024.

The betting company previously sponsored Santos (also as a main partner), Juventude, and Goias Brazilian.

Pixbet becomes Flamengo’s most lucrative commercial partner, surpassing German sportswear giant adidas which has a kit supply deal with the Brazilian giants worth R$69 million per year until 2025.

In 2024, Flamengo will earn around R$214 million from sponsorships.