The president of Caixa, Carlos Vieira, stated that the institution will be one of the major players in the sports betting market. The statement was made on Thursday (22nd) during the presentation of the bank’s second-quarter results for this year. According to Vieira Caixa has already requested authorization to operate in the betting market.
“The Brazilian market is expected to grow significantly in this segment, and the bank wants to be present. Caixa will be one of the main players in this segment,” he said.
He also argued that online sports betting operators do not compete with lotteries, and the revenue from these new initiatives is expected to be half of what is collected from lotteries.
The institution, which holds the monopoly on lottery operations in Brazil, is among the companies that have requested authorization from the Ministry of Finance to operate in the online betting market. The bank expects that this new venture will generate revenue equivalent to half of the current lottery sector’s earnings. In the first half of 2024, Caixa Lotteries collected R$ 12.3 billion, a 19% increase compared to the same period in 2023.
“A significant portion of what we do—on average, 46% of the taxes on lotteries—is allocated to those who need assistance,” he said. “Since Caixa is a public bank, 100% public, our main shareholder is the Brazilian society,” he said.
