What is a healthy EBITDA / NGR ratio?

Mature licensed iGaming operators target 20–30% EBITDA/NGR. Curaçao operators with low compliance overhead can hit 35–45%. UK-licensed operators with high gaming tax (21%+) are typically 15–25%.

Why model marketing as % of NGR rather than fixed?

Marketing scales with revenue ambition. Aggressive growth phase = 50–70% of NGR. Mature retention phase = 25–35%. Modelling fixed marketing distorts the unit economics.

CalculatorUpdated May 2026

GGR → EBITDA Margin Modeler

Full iGaming P&L: GGR → NGR → after-bonus → after-platform → after-PSP → after-marketing → EBITDA.

Eight inputs. Watch where the margin goes — gaming tax (sometimes 30%+), platform fees (usually 8–12%), PSP MDR, marketing burn, fixed OPEX. Most operators are surprised how little of the GGR survives.

Inputs

GGR (€)Gaming tax %Jackpot contribution %Bonus cost % of NGRPlatform fee %PSP / acquirer MDR %Marketing % of NGRFixed monthly OPEX (€)

GGR€2,500,000

NGR€1,960,000

After bonus€1,568,000

After platform€1,442,560

After PSP€1,392,070

After marketing€706,070

EBITDA€526,070

EBITDA / GGR

21.0%

EBITDA / NGR

26.8%

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We will look at your specific case, validate the numbers against our active banking partners, and give you a free, honest pre-approval read — usually within 24 hours.

⚠ For informational purposes only. This is not legal, tax, or financial advice. Verify with a qualified advisor before acting on any output.

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Methodology & sources

Stage-by-stage: GGR less gaming tax less jackpot contribution = NGR. NGR less bonus cost = after-bonus. After-bonus less platform fee less PSP MDR less marketing less fixed OPEX = EBITDA.

Bonus cost is modelled as % of NGR (industry convention) rather than % of GGR.

Frequently asked questions

What is a healthy EBITDA / NGR ratio?: Mature licensed iGaming operators target 20–30% EBITDA/NGR. Curaçao operators with low compliance overhead can hit 35–45%. UK-licensed operators with high gaming tax (21%+) are typically 15–25%.
Why model marketing as % of NGR rather than fixed?: Marketing scales with revenue ambition. Aggressive growth phase = 50–70% of NGR. Mature retention phase = 25–35%. Modelling fixed marketing distorts the unit economics.

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Disclaimer

This calculator is for informational purposes only. It does not constitute legal, tax, or financial advice. Licence fees, tax rates, and regulatory requirements change. You must consult a qualified advisor in each relevant jurisdiction before making any commercial or investment decision. GetBanked and BMC Strategic Inc accept no liability for decisions made on the basis of these calculations.