Definition
Net Gaming Revenue (NGR)
Also known as NGR, Net Revenue, Net Win
By Abhinav VasudevanReviewed Editorial policy
In short
NGR is gross gaming revenue minus the cost of bonuses, free bets and promotional credits. It is the figure that reflects what an operator genuinely earned from a player after the cost of attracting them.
NGR is GGR with promotional costs stripped out. If an operator wins £800,000 from players but handed out £250,000 in bonuses and free bets to generate that activity, NGR is £550,000.
Why the distinction exists
GGR flatters operators in competitive markets. A new entrant can post impressive GGR while losing money on every customer acquired, because the bonuses funding that activity are not deducted.
NGR is therefore the figure investors and internal teams actually watch. It is also the basis for most affiliate revenue-share deals, which is why affiliate contracts are worth reading carefully, deductions for bonus costs, payment fees and sometimes tax can reduce a headline 40% revenue share substantially.
What it reveals about promotions
The relationship between GGR and NGR explains why wagering requirements are set where they are. A bonus is a marketing cost that appears directly in NGR, so the requirement attached to it is calibrated so that the expected value of the promotion is roughly neutral or slightly positive for the operator.
This is also why bonus abuse provisions are enforced aggressively. A player who extracts positive value from promotions without generating offsetting activity converts directly into negative NGR, and operators monitor for it closely.
Common questions
What is the difference between GGR and NGR?
NGR is GGR with the cost of bonuses, free bets and promotional credits removed. GGR is what an operator is taxed on; NGR is closer to what it genuinely earned. A wide gap between them signals heavy spending to acquire customers.
Why does NGR matter to players?
Because it explains why wagering requirements sit where they do. A bonus is a cost that lands directly in NGR, so the requirement attached to it is calibrated to make the promotion roughly neutral or slightly positive for the operator.