Operator News
Brazil – Caixa to enter online sports betting market
By James - 19 February 2024
Caixa Econômica Federal has signed a contract with the global audit, transactions and consulting company Ernst & Young to provide specialized services in structuring a business model for Caixa’s sports betting operations. The information was made official in the Official Gazette notice of the federal government of Brazil.
The contract will have a duration of 12 months, effective as of January 27, and will have a total value of R$ 2.15m (USD 431,000).
In an interview with local financial news portal Inteligência Financeira in January the bank’s executive president, Carlos Vieira highlighted Caixa’s strategic plans in this expanding sector. “We have a whole project to position Caixa in this world of betting,” he said.
According to the executive, this will be carried out through a partnership between a new lottery company created by the bank and a private partner. This same entity will be in charge of operating instants starting this year. The next step is to enter online betting. Carlos Vieira highlighted that, despite the collaboration, the Caixa brand will be present in the resulting sports betting product.
At the end of last month Caixa confirmed to the Brazilian Federation of Lottery Companies (Febralot) the launch of sports betting and the return of Lotex. The president of Caixa Lotteries, Lucíola Aor Vasconcelos, met with Febralot where she confirmed the bank’s entry into the sports betting business and the resumption of instant product Lotex. The instant lottery will be launched in March, and BETs Caixa (its betting product) will follow suit in 2024, with a larger roll out expected for early 2025. Lotex should be launched in the first half of 2024 she said.
