Contrato milionário não passou pelo Compliance do Corinthians
Imagem: Corinthians / Divulgação

VaideBet, Corinthians‘ new master sponsor, is outside the first list of 134 companies that showed interest in obtaining licensing from the Ministry of Finance.

As a result, it loses priority in obtaining the necessary authorization to operate in the promising sports betting market in Brazil.

This is because the new legislation, approved at the end of 2023, stipulates that only companies with authorization can sponsor football clubs in the country.

VaideBet believes there will be no problem with authorization

Although it is not an obligation, companies that have expressed interest will have preference in issuing the authorization, scheduled to begin in the first half of the year.

In any case, the deadline stipulated by the Treasury for this manifestation expired before the law was approved, leaving VaideBet out. The company justifies that it preferred to wait for the legal criteria and the lack of obligation.

Thus, VaideBet emphasizes its confidence that the government will quickly analyze all requests, considering the current scenario.

Corinthians, in turn, claims to have received sufficient information to approve the sponsorship contract. The club declares that it has no doubts that the bookmaker will comply with Brazilian regulations within the established deadline.

On January 7th, Corinthians and VaideBet agreed to a contract worth R$370 million for three years of exposure on the team’s shirt. The contract is the largest to date in Brazil.

The regulations are still being prepared by the Treasury, awaiting expectations of ordinances soon. The law already prohibits sponsorship by unauthorized companies, imposing sanctions on clubs that violate this rule.

Capital declared by the bookmaker causes suspicion

Therefore, there is no set date for the grant application process, but the Treasury will prioritize companies that have expressed interest.

The value of the authorization will be up to R$30 million for five years, subject to other requirements, including headquarters in Brazil and details to be disclosed.

But Supreme (formal name of VaideBet) claims to have capital of R$300,000 and activities such as direct marketing, agency and advertising consultancy.

Therefore, sector experts question whether these activities meet future requirements and whether social capital is sufficient for a billion-dollar industry. VaideBet ensures that it will comply with all requirements to comply with Brazilian regulations.

The six-month period for adapting to the new law remains, with only companies authorized and certified by the Ministry of Finance operating after this period.