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 on 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.”