What is NGR in iGaming? Net Gaming Revenue Explained

NGR is the gaming revenue an operator keeps after bonuses, taxes and fees. It is the number CRM and retention campaigns should be judged on.

Updated 8 November 2026 · 2 min read · Gamble Grip

NGR (net gaming revenue) is the revenue an online casino or sportsbook keeps from gaming after deducting bonuses, gaming taxes, payment fees and other agreed costs. It starts from GGR and ends at the figure that finance, partners and CRM teams use to judge profit.

Blask reports that there is no single NGR deduction list. The definition that counts is the one written in the operator's accounts or in the contract that uses the figure.

Formula

NGR = GGR − bonus cost − gaming taxes and duties − payment fees − chargebacks − other agreed deductions
NGR margin = NGR ÷ GGR

Published definitions differ. Playtech's 2024 annual report shows NGR as GGR minus bonuses minus tax. Entain's 2025 annual report defines NGR as net revenue before VAT and sales taxes. Blask cites an affiliate contract that also deducts fraud cost, administration fees and third-party game fees.

Example

Example. A casino brand has €120,000 GGR in a month. Bonus cost is €18,000, gaming duty €14,400, payment fees €3,600, chargebacks €1,200 and provider fees €12,000. Deductions total €49,200. NGR is €70,800 and NGR margin is 59%.

From GGR to NGR

Example. One month, one brand.

How operators use NGR

Finance reports NGR as the real revenue line. Playtech's 2024 annual report describes charging operators a percentage of NGR, so the base sets the invoice. A 30% share of the GGR above would cost €36,000. The same 30% on NGR would cost €21,240.

CRM and retention teams use NGR to measure campaigns. A reactivation offer that lifts GGR but pays out most of it in bonuses has little NGR to show. The comparison between treated and control players belongs in NGR, as explained in incremental lift.

Player value models also start from NGR. A player LTV built on GGR overstates the value of bonus-heavy players.

Common mistakes

Comparing two NGR figures built on different deduction lists. Ask which definition produced each number.
Using an old tax rate. A model built on last year's gaming tax rate misstates NGR for that market.
Counting bonus cost at face value in one report and at settlement in another.
Reporting campaign NGR before the bonus liability is closed.

GGR is the starting point. The article NGR vs GGR compares both with a full worked table. The campaign economics calculator models cohort NGR over 12 months.

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Frequently asked questions

What does NGR stand for in iGaming?

NGR stands for net gaming revenue. It is gross gaming revenue (GGR) after a defined list of deductions. The list usually includes bonus cost, gaming taxes, payment fees and chargebacks.

Is there one official NGR formula?

No. Blask reports that there is no universal NGR deduction list. Each operator defines NGR in its accounts, and each revenue-share contract defines it again for the parties to that contract.

Why do CRM teams use NGR instead of GGR?

Retention teams spend bonus budget. GGR ignores that spend and NGR includes it. Comparing offers, channels and cohorts on NGR shows what the business kept.

Can NGR be negative?

Yes. If a segment receives more in bonuses and fees than it produces in gross win, its NGR is below zero.