Caixa Econômica Federal is preparing to enter the competitive online sports betting market, known as bets, as revealed by the bank’s executive president, Carlos Vieira.
In an interview with the Financial Intelligence portal, Vieira highlighted Caixa’s strategic plans in this expanding sector. “We have a whole project to position Caixa in this world of betting”, stated Vieira.
According to the executive, the foray into the world of betting will be carried out through a partnership between a new lottery company established by the bank and a private partner.
This entity will be responsible for operating the same instant bets, popularly known as scratch cards, from this year onwards. The next planned step is to enter online betting, scheduled for 2025.
Carlos Vieira emphasized that, despite the partnership involved, the Caixa brand will be present in the resulting product.
The executive president shared a preliminary estimate of the company’s valuation within a period of one to one and a half years. Before the foray into betting, Caixa practically had a monopoly on the lottery market in Brazil.
The evolution of the betting market
The scenario has evolved rapidly in recent years, with the online betting sector experiencing significant growth.
According to global consultancy Comscore, there was a 281% increase in the number of online betting users in the country from 2019 to 2023, reaching 42.5 million users.
Despite recent regulation, the sector has shown significant growth. The platforms earned around R$13 billion in 2023, representing an increase of 71% compared to 2020, according to an analysis by the XP team.
Thus, Caixa Econômica Federal is preparing to enter an already competitive sector, facing dozens of other betting platforms.
