The State Bank of Espírito Santo is looking for a partner to operate Banestes Loteria, a subsidiary created to work in the area of lotteries and online betting. The goal is to find a world-class foreign player for a 20-year contract. The bank's executives have already been approached by companies from Argentina, Australia, and South Korea.
The search effort will be conducted by Genial Investimentos, Getúlio Vargas Foundation, and the law firm Lefosse, hired by the state bank to help in structuring the project.
“It will be a 100% subsidiary of Banestes, but we need a partner with expertise in a business we have no experience in. We want the contract signed by the end of 2024 and the company operational in the second half of 2025,” stated Amarildo Casagrande, president of Banestes.
The exploration of lotteries was authorized by a state law enacted in December 2023. According to the law, the State Bank of Espírito Santo will be able to offer both physical and virtual bets, with modalities to be defined by decree.
The potential of the lottery market in Espírito Santo exceeds R$ 500 million. In Brazil, the betting sector is expected to generate R$ 130 billion in 2024. In Espírito Santo, it approaches R$ 3 billion, with an upward trend.
Source: GMB / A Gazeta
