Brazilian giants Flamengo are closing in on the renewal of their collaboration with bookmaker Pixbet. This will be the club’s biggest sponsorship ever.
A few weeks ago, the club council voted on a renewal of Flamengo’s deal. As of now, Pixbet paid R$85 million or $17 million per year to be Flamengo’s title sponsor. However, under the new deal, Rio club would bank R$470 million or $92 million from 2024 to 2027.
Pixbet first partnered with Flamengo in 2022. Early this 2024, the betting operator became the club’s shirt sponsor as part of a new agreement. They replaced BRB. Pixbet is also a sponsor of crosstown rivals Vasco de Gama.
The sponsorship underscores Brazilian football’s strong relationship with and increasing dependence on the betting industry.
Corinthians and Fluminese are among the other major clubs to have agreements with betting operators. In 2023, 39 out of 40 Serie A and Serie B clubs had a sponsorship deal with a betting operator.
Online bookmakers see the Brazilian market as one of the most profitable. Yet, at the end of the previous year, President Luiz Inacio ‘Lula’ da Silva government moved to regulated betting in the country that had been operating in a grey area under the government of Jair Bolsonaro.
Brazil recently outlawed sports betting. Operators will need to get a Brazilian license with a degree of incorporation in the country to operate as the authorities seek to generate tax revenue and combat rogue operators.