Caixa Econômica Federal, through its president, Carlos Vieira, is planning a strategic entry into the sports betting market. with the expectation of raising R$18 billion in two years.
In an interview with Poder360, Vieira stated that the institution intends to operate both in the physical environment of lottery outlets and in the digital environment. But it is in Caixa’s interest to seek a partner for this activity.
Caixa projection is R$13 billion by 2026
The projections are ambitious, with R$5 billion by the end of 2025 and R$13 billion in 2026. Therefore, because of this, Caixa has already requested accreditation from the Ministry of Finance to operate in this market.
Vieira highlighted that there is still no defined name for the product and this will be seen by the marketing department. But Caixa’s entry into the sports betting market brings with it some significant consequences.
Firstly, it represents strong competition for companies already established in this sector, which are smaller. Furthermore, there is an expectation of agreements with lottery houses, which would make the operation easier for players.
Another relevant point is the federal government’s vision of this initiative. In February, President Luiz Inácio Lula da Silva expressed criticism, comparing sports betting to Jogo do Bicho.
For the president, the most delicate point is the tax issue. Lula believes that companies in this sector do not pay the taxes they owe.
Lotex, the famous scratch card
Caixa also hopes to launch Lotex, the scratch card, soon, with a forecast of raising R$ 1.5 billion in 2024. The sale of the product was already authorized in December and the bank has exclusivity in this market for 24 months.
Therefore, these initiatives represent a new source of revenue for Caixa Econômica Federal. Furthermore, it is an opportunity to expand and diversify services, impacting the betting market and leisure options in Brazil.
