Opening a casino is only the beginning. Affiliate deals, banner campaigns, welcome offers and game choices all cost money, and the only way to know which of them pay back is to measure. Key performance indicators (KPIs) turn raw activity into answers. Below are nine we would put on every operator's dashboard, grouped into revenue, player activity, acquisition and retention.
Revenue KPIs
1. Gross gaming revenue (GGR)
GGR is the simplest money metric: total stakes minus total winnings paid out over a period. If players stake €1,000,000 in a month and win €960,000, GGR for that month is €40,000. It says nothing about bonuses, taxes or fees, which is why it is only the starting point.
2. Net gaming revenue (NGR)
NGR takes GGR and subtracts the costs of generating it: bonuses and cashback, chargebacks, payment fees, royalties to game providers and gaming taxes. It is the closest figure to what the casino actually earns, and for most operators the most important number on the page. Contracts with game providers and affiliates often define NGR slightly differently, so check which deductions each one uses.
Player activity KPIs
3. NGR-to-deposit ratio
Divide NGR by total deposits for the same period to see what share of deposited money ends up as revenue. A low ratio can mean players deposit but play little before withdrawing, or that bonus costs are eating the margin. A refreshed game mix, or bonus rules that have real-money balances played before bonus funds, can both help.
4. Bets-to-deposits ratio
Total stakes divided by total deposits shows how many times each deposit cycles through play. A high multiple means balances last, with winnings being replayed; a low one means players burn through their funds quickly, which usually means shorter sessions. It is a useful check on game mix and volatility.
Acquisition KPIs
5. Cost per acquisition (CPA)
CPA is marketing spend divided by the number of new first-time depositors it produced. Spend €50,000 and win 1,000 new depositors, and CPA is €50. The figure varies widely by channel and market, so track it per campaign and per affiliate rather than as a single average.
6. Visitor-to-registration rate
The share of visitors who open an account. A weak rate points at the landing pages: unclear offers, a long sign-up form, slow mobile pages or missing trust signals such as licence information.
7. Registration-to-deposit rate
The share of new accounts that go on to make a first real-money deposit. If many sign up but few pay in, look at the cashier, the choice of local payment methods, verification friction and the strength of the welcome offer.
Retention KPIs
8. Customer lifetime value (CLV)
CLV estimates how much a player is worth over the whole relationship. A simple version multiplies average monthly net revenue per player by the average number of months a player stays active. Set it against CPA: if lifetime value does not comfortably exceed acquisition cost, the growth plan does not work.
9. Churn rate
Churn, or attrition, is the share of active players who stop playing in a given period. Spikes often follow a specific change, such as tougher bonus terms, a popular game being removed or payment problems. Tracking churn by segment shows where to focus retention efforts.
The nine KPIs on one page
| KPI | Formula | What it tells you |
|---|---|---|
| GGR | Stakes minus winnings | Raw gaming income before costs |
| NGR | GGR minus bonuses, fees, royalties and taxes | What the casino actually earns |
| NGR-to-deposit | NGR ÷ deposits | How much deposited money becomes revenue |
| Bets-to-deposits | Stakes ÷ deposits | How long balances last in play |
| CPA | Marketing spend ÷ new depositors | The price of each new paying player |
| Visitor-to-registration | Registrations ÷ visitors | How well the site turns traffic into accounts |
| Registration-to-deposit | First-time depositors ÷ registrations | How smooth the path to a first payment is |
| CLV | Monthly net revenue per player × months active | What a player is worth over time |
| Churn | Players lost ÷ active players at the start | How fast the player base is leaking |
Making the numbers useful
- Segment everything. Break each KPI down by channel, country, device and sign-up month; averages hide most of the story.
- Watch trends, not snapshots. Review weekly and monthly so you can see whether a change helped.
- Pair the metrics. CPA means little without CLV, and GGR means little without NGR.
Our casino back office includes the reporting needed to track these figures from day one. For a broader analytics framework, read iGaming KPIs that matter and our guide to casino analytics.
Written and reviewed by the iGaming Software Solutions Editorial Team.
