Over the next five years, the sports betting company GaleraBet was named as the main partner over Corinthians. The deal will guarantee a total of $7.4 m for the Brazilian soccer team for the next five years.
The sports betting brand will appear on the sleeves of the team’s jerseys, under the terms of the sponsorship deal. Additionally, by voting on a club page, the fans would be able to select the name of the sponsor ‘s logo. Coringao.bet, Alvinegro.bet, and Fiel.bet are options.
Andrés Sanchez, president of Corinthians said: “The fans are very important to the club, therefore we want to offer them more entertainment and engagement options. We ask them to participate in deciding the name of the platform. We want to democratise this moment.”
The organisation will handle Corinthians’ sports betting site remotely and outside of Brazil according to Galera Group Vice President of Sports Operations Chanoch Ben-Simchon. It currently has offices in Cyprus and Israel.
“We’re very pleased with this commercial agreement. Corinthians will be a pioneer in this sports betting market, which has a huge potential in Brazil.”
Galera Group has already started creating applications in Brazil to use artificial intelligence ( AI) to measure sport-related odds and statistics to launch the digital platform which is scheduled to take place in August.
Given that the sports betting industry in Brazil is still waiting for full regulation, there will be no money involved in any of the Galera products offered in the country. But Ben-Simchon claims that allowing free-to-play apps to enter the market would succeed in the longer term. “It’s essential to have a local branch that understands the Brazilian market,” he said. “This is a crucial factor for us in order to be successful in our operations.”