“We hired Fundação Getúlio Vargas and the studies showed that there is viability for the lottery and also for the online betting market, which has been growing a lot. The lottery will be created, the decision has already been made, it has already been authorized by the Legislative Assembly”, said José Amarildo Casagrande, president of Banestes.
“We are analyzing the betting market, which has been growing a lot and could become a relevant business for Banestes. We will evaluate everything calmly”, he pointed out.
The bank hired Genial Investimentos to look for a partner in the subsidiary. It will probably be a multinational specializing in the operation of traditional lotteries and online betting.
In December last year, the Legislative Assembly approved the project to create the Capixaba Lottery, giving Banestes responsibility for operating lotteries in the state of Espírito Santo. With the advancement of betting in the Brazilian market, the state bank chose to also explore this vertical.
After Genial's evaluation, Banestes will analyze the proposals and define the partner that best provides knowledge and technology for the operation of traditional and online lotteries and sports betting.
According to the project approved by the Legislative Assembly, 12% of the total resources raised by the lottery will be allocated to the State, to be applied to programs in the areas of culture, sports, leisure, social assistance and tourism. The prize not collected by the winners must also have the same purpose.
Physical or virtual means may be used to capture bets, and the lottery modalities must be established by decree. Regulation, control and inspection will be the responsibility of the Public Services Regulatory Agency (PSRA).
Banestes is Brazilian state-owned bank responsible for the public execution of loans for the state of Espírito Santo, it is one of the state's major instruments of economic development.
Source: GMB
