Corinthians, a seven-time Brazilian football champion and two-time Club World Cup winner, has secured a historic agreement with the bookmaker VaideBet for 370 million reais ($76.85 million). Under the terms of the deal, BC will pay the team $2.05 million per month for the next three years to feature the company's branding on the club's jerseys.
This agreement marks a record-breaking amount in the history of Brazil. The previous record was held by Flamengo, Corinthians' arch-rivals, who signed a two-year deal with Pixbet worth $17.42 million annually.
The signing of contracts with bookmakers by Brazilian teams gained momentum after the parliament approved a bill allowing sports betting.