An interactive model
Where the money goes in iGaming B2B
Players deposit, bet and withdraw. What they lose becomes the operator’s revenue, and a large share of it is paid straight out to suppliers. Each supplier bills on a different base, which is why some share the operator’s good and bad months and others get paid either way.
Model a month
- Withdrawn by players €600k
- Kept as GGR €400k
Who gets paid, and on what
The diagram starts from the month’s GGR. Colours show what each supplier’s fee is calculated on. Use the filters to focus on the parts you care about, and select a category in the diagram to open or close its detail.
Show in the diagram
- % of GGR
- % of NGR
- Per transaction or volume
- Fixed, per unit or budget
- Supplier’s onward payments
Hover over or tap any part of the diagram to see who it is, what they’re paid this month and how they bill.
GGR and NGR in plain terms
GGR (gross gaming revenue) is what players lose: total stakes minus total winnings paid back. Money gets recycled, so a €100 deposit might fund €1,000 of bets. On games returning 96% to players, about €960 comes back as winnings and €40 stays with the operator.
Across a whole month, GGR is roughly deposits minus withdrawals, give or take changes in player balances.
NGR (net gaming revenue) is GGR minus bonus costs such as free spins and deposit matches. Contracts define it differently. Affiliate deals often also deduct taxes, payment fees and chargebacks, so the same month can produce several NGR figures.
Four ways suppliers bill
- Share of GGR
- Game studios, aggregators and most platforms. They share the operator’s good and bad months.
- Share of NGR
- Affiliates on revenue share. Higher bonus spend lowers their payout even when GGR is unchanged. Many deals carry negative months forward.
- Per transaction or volume
- Payment providers, e-wallets and open banking. Fees follow money moving in and out, so they stay the same when GGR is thin.
- Fixed, per unit or budget
- KYC checks, test labs, data feeds, hosting, sponsorship and agency budgets. Lumpier in practice: small operators pay proportionally more because of minimum fees.
What the diagram leaves out
Tax
Gaming duties and levies are paid to governments, not businesses, so they sit inside “Taxes, staff, margin”. Rates vary widely by market. They still affect B2B payments: duty comes out of the same GGR suppliers bill on, and where a contract deducts tax to calculate NGR, a tax rise shrinks affiliate payouts directly.
Sportsbook
Payments, affiliates, compliance and agencies work the same way. Spend on game studios largely disappears and is replaced by odds feeds, official league data, trading and risk services, and streaming rights. Sponsorship is usually a bigger share of marketing.
Sportsbook GGR, also called hold or gross win, swings more from week to week and can go negative after a run of favourite wins. That makes minimum fees and negative carry-forward clauses matter more.
Assumptions
Illustrative rates for a casino-led operator. Real contracts vary by market, size and negotiation. Fixed and per-unit costs are modelled as a share of deposits as a stand-in for operator size.
| Supplier | Billed on | Rate used |
|---|---|---|
| Game studios | GGR | 10% |
| Aggregators | GGR | 2% |
| PAM platform | GGR | 6% |
| Affiliates | NGR from referred players | 35% revenue share, 40% of NGR referred |
| Card PSPs and acquirers | Card deposits | 2.5%, with 60% of deposits by card |
| E-wallets and open banking | Other deposits | 1.5% |
| Payout fees | Withdrawals | 0.5% |
| Chargebacks | Deposits | 0.3% |
| Media agencies | Budget set from GGR | 6% of GGR, agency keeps about 15% |
| Sponsorship | Fixed deals | 3% of GGR |
| Odds and data | Fixed or tiered | 0.8% of deposits |
| Cloud hosting | Usage | 0.4% of deposits |
| CRM and martech | Licence | 0.5% of deposits |
| KYC, AML and geolocation | Per check | 0.6% of deposits |
| Legal and audit | Fees | 0.4% of deposits |
| Test labs | Per certification | 0.3% of deposits |
| Responsible gambling tools | Per check or licence | 0.3% of deposits |