The vote on the proposal took place at the Gávea headquarters, with a result largely favorable to Flamengo's board members: 123 votes in favor and only 4 against.
The "Flabet" brand licensing agreement is valid until 2027 and provides for a minimum guaranteed amount of R$82.5 million (US$15m) to the Rio de Janeiro club over the period.
Flamengo will receive R$10 million (US$1.8m) in 2024, with subsequent installments distributed between 2025 and 2027.
In addition, Flamengo will be entitled to 1% of each bet placed on the platform, which could increase total revenue. Together with the existing sponsorship, Pixbet will invest a total of R$543 million (US$99m) by the end of the agreement.
The club will have no responsibility or role in the betting site, and will not be licensed to PixBet, which will continue to display its brand in the most prominent space on Flamengo's uniform.
Source: GMB
