Brazilian soccer club CR Vasco da Gama has reportedly agreed a new shirt sponsorship deal with Brazilian betting firm EstrelaBet.
According to Brazilian outlets, Vasco has paid $820,000 to terminate its previous shirt sponsorship agreement with Pixbet, in order to pick up EstrelaBet as its new sponsor for the 2024 season onwards.
Pixbet is still listed as a sponsor on Vasco’s website, however, its logo has not been present on Vasco kits used in pre-season training.
Vasco only renewed its commercial deal with Pixbet before the beginning of the 2023 season in a move that was set to see it through to the end of the upcoming 2024 calendar.
Currently a sponsor of Vasco’s basketball and futsal teams, EstrelaBet is rumored to be paying as much as $18.5 million across two seasons to sponsor the club, which returned to Brazilian soccer’s top-tier Serie A competition in 2023 after two seasons away and narrowly avoided relegation.
The $9.25 million per season deal will see the club get more than double the $4.5 million that Pixbet was reportedly paying.
The alleged contract also supposedly includes performance-related add-ons for the club that can reach up to $2 million.
This deal puts Vasco in esteemed company in the Brazilian league, with its value sitting among the highest in the league for a shirt sponsor, per GlobalData Sport.
EstreslaBet is also the shirt sponsor of América Mineiro, which also plays in the Brazilian Serie A in a deal that the club described as the “biggest” in its history, but is much less than what Vasco is commanding for its shirt sponsorship.
Pixbet meanwhile recently agreed a deal to sponsor Brazilian Serie A giants Flamengo for around $17.3 million per year, a record fee for a Brazilian team at the time although that was quickly surpassed.
The Brazilian league’s sponsorship landscape is dominated by betting partners, and the government has now taken steps to regulate the sports betting market in the country.
Earlier in January, a bill was passed into law that will see a federal sports betting marketplace launched with a new regulator framework in place to tax winnings and formalize betting law.