Carlos Vieira, the president of Caixa Bank, stated that the institution will become one of the major players in the sports betting market. This statement was made on August 22nd when the bank announced its financial results for the second quarter of 2024. Vieira mentioned that Caixa has applied for authorization to operate in the betting market.
He said, "The Brazilian market is expected to see significant growth in this area, and the bank hopes to be a part of it. Caixa will become one of the main players in this field."
He also noted that online sports betting operators do not directly compete with lotteries, and he expects the revenue from these new businesses to be half of the lottery revenues.
The institution holds a monopoly position in the operation of lotteries in Brazil and has now applied to the Ministry of Finance for authorization to operate in the online betting market. The bank expects this new business to generate revenue equivalent to half of the existing lottery department. In the first half of 2024, Caixa's lottery revenue reached 12.3 billion reais, an increase of 19% compared to the same period in 2023.
He stated, "Most of the work we do—on average, 46% of lottery taxes—is distributed to those in need." He added, "Since Caixa is a bank entirely owned by the public, our main shareholder is Brazilian society."
