In short: An online casino runs on fifteen numbers. Five describe acquisition (registrations, FTDs, conversion, CPA, cost per FTD), five describe money (deposits, GGR, bonus cost, NGR, hold), and five describe whether players stay (active players, retention, ARPU, churn and lifetime value). Each has one formula, one owner and one place in the back office. If a number is not reported daily by segment, it is not managed.
Most operators collect far more data than they use. The games supplier reports bets and wins, the payment provider reports deposits and withdrawals, the affiliate system reports clicks and registrations, and the back office tries to hold it all together. The problem is rarely a missing metric. It is that nobody agreed which fifteen numbers matter, how each is defined, and who looks at them every morning. This guide fixes the definitions. Use it to set up the reporting in your casino back office, or to check whether the one you are evaluating can produce them.
How to read a KPI list
Three rules keep the list useful. First, every KPI needs a formula written down, because “active players” means something different in every company until it is defined. Second, every KPI needs a dimension: by day, by market, by acquisition channel, by game provider or by bonus campaign. A site-wide average hides the market that is losing money. Third, every KPI needs a comparison. The number on its own says nothing; the number against last week, last month and the plan says everything.
Acquisition KPIs (1 to 5)
| # | KPI | Formula | What moves it |
|---|---|---|---|
| 1 | Registrations | Count of accounts created in the period (exclude duplicates and failed KYC) | Traffic volume, landing-page clarity, form length, country blocks |
| 2 | First-time depositors (FTDs) | Count of players whose first successful deposit falls in the period | Welcome offer, payment-method fit for the market, KYC friction |
| 3 | Registration-to-deposit conversion | FTDs ÷ registrations × 100 | Cashier design, deposit limits, verification timing, trust signals |
| 4 | Cost per acquisition (CPA) | Marketing spend ÷ registrations | Channel mix, creative, affiliate deal terms |
| 5 | Cost per FTD | Marketing spend ÷ FTDs | The same as CPA, plus everything in row 3 |
Cost per FTD is the acquisition number that matters. Cheap registrations that never deposit are not a win. Report rows 1 to 5 by channel and by affiliate so the back office can tell you which partner sends depositors and which sends traffic.
Money KPIs (6 to 10)
| # | KPI | Formula | What moves it |
|---|---|---|---|
| 6 | Deposits | Sum of successful deposits in the period (gross, before fees) | Payment approval rates, method availability, limits |
| 7 | Gross gaming revenue (GGR) | Total bets − total wins (real money only) | Game mix, RTP of the games offered, bet volume |
| 8 | Bonus cost | Bonus money converted to real money (cashed out or wagered through) + free spin wins paid in real money | Wagering requirements, offer size, abuse controls |
| 9 | Net gaming revenue (NGR) | GGR − bonus cost − gaming taxes and duties − supplier and platform fees − payment fees (define which fees your contracts count) | Everything above, plus every contract you sign |
| 10 | Hold (margin) | GGR ÷ total bets × 100 | Game selection and volatility; a casino with mainly high-RTP slots has a lower hold |
GGR and NGR are the two most misused numbers in the industry, because contracts define them differently. Write the definition your platform and supplier contracts use into the back-office report so that the number you manage is the number you are billed on. Our GGR vs NGR guide and calculator works through the formula with your own figures, and the cost of starting an online casino shows which fees usually sit between the two.
Retention KPIs (11 to 15)
| # | KPI | Formula | What moves it |
|---|---|---|---|
| 11 | Active players | Count of players with at least one real-money bet in the period (daily, weekly, monthly) | Content releases, CRM campaigns, product stability |
| 12 | Retention rate | Players active in month N who were also active in month N−1 ÷ players active in month N−1 × 100 | Game depth, payout speed, support quality, loyalty mechanics |
| 13 | ARPU / ARPPU | NGR ÷ active players (ARPU); NGR ÷ depositing players (ARPPU) | Player value mix, VIP management, bonus efficiency |
| 14 | Churn rate | Players active in month N−1 and not active in month N ÷ players active in month N−1 × 100 | The inverse of retention; watch it by cohort, not site-wide |
| 15 | Player lifetime value (LTV) | ARPPU × average active lifetime in months (or cumulative NGR per cohort over 6 or 12 months) | Everything in rows 11 to 14; compare it with cost per FTD |
The single most useful comparison in the whole list is LTV against cost per FTD by channel. A channel whose cost per FTD is above the LTV of the players it brings is losing money however good its registration numbers look.
A worked example
Suppose a casino in one market reports a month like this: 4,000 registrations, 1,200 first-time depositors, marketing spend 18,000, total bets 2,000,000, total wins 1,920,000, bonus cost 14,000, gaming tax 8,000 and platform and payment fees 11,000. The KPIs are:
- Conversion: 1,200 ÷ 4,000 = 30%.
- Cost per FTD: 18,000 ÷ 1,200 = 15.
- GGR: 2,000,000 − 1,920,000 = 80,000. Hold: 80,000 ÷ 2,000,000 = 4%.
- NGR: 80,000 − 14,000 − 8,000 − 11,000 = 47,000.
- ARPPU, if 3,000 players deposited in the month: 47,000 ÷ 3,000 = 15.7.
The numbers are illustrative, not a benchmark. The point is that every line comes from a defined formula over data the back office already holds, so the whole set can be produced automatically each morning.
What the back office must do with them
- Store the definitions. Each KPI has a written formula, an owner and a note on which contract definition it follows (for GGR, NGR and bonus cost).
- Report by dimension. Date, market, channel and affiliate, game provider, bonus campaign and payment method. Site-wide totals are the last tab, not the first.
- Compare automatically. Every number against the previous period and the plan, with the difference highlighted.
- Export for the regulator and the accountant. GGR and tax figures by month in the format the licence requires, so compliance reporting does not become a spreadsheet exercise.
- Alert on thresholds. Hold outside its normal band, a payment approval rate drop, a sudden bonus-cost spike: these are fraud and abuse signals as much as finance signals.
A back office that cannot do the five things above forces the operator to rebuild the reporting in spreadsheets, where definitions drift and errors hide. When comparing platforms, ask to see each of the fifteen KPIs produced from a demo data set, by dimension, before you sign. Our build vs buy guide covers the other questions to ask in that evaluation.
Frequently asked questions
Which casino KPI should a new operator watch first? Cost per FTD against LTV by channel. Everything else explains why those two numbers are what they are.
What is a good hold for an online casino? It depends on the game mix. Slots with 96% RTP imply roughly 4% of turnover as GGR before bonuses; live tables and sports have different ranges. Set a normal band for your own mix and investigate departures from it, rather than chasing an industry figure.
What is the difference between GGR and NGR? GGR is bets minus wins. NGR deducts bonus cost, gaming taxes and the fees your contracts specify. Read the GGR vs NGR guide for the full definitions.
How often should KPIs be reported? Daily for acquisition and money KPIs, weekly and monthly for retention KPIs, which need a cohort to mature before they mean anything.
Does the Spinlab back office report these? The Spinlab platform includes back-office reporting for players, games, payments, bonuses and affiliates. Which reports and exports fit your markets and licence is walked through on a demo call.
Next step: If you are setting up reporting for a new or migrating casino, book a demo and bring this list; we will show how each of the fifteen numbers is produced in the back office.
