TOP-10 of financial indicators important to investors

Investors are looking beyond revenue and EBITDA. iGaming values income repeatability, payment stability, compliance and the speed of turning profits into cache. Below are 10 metrics on which decisions are usually made.

1) NGR/NNR and "revenue quality"

What is that:

NGR (Net Gaming Revenue) = GGR − bonuses − jackpot contributions − provider commissions.
NNR (Net/Net Revenue, B2B) - revenue after revs/discounts.

Why it matters: It is these bases that reflect "pure" monetization. Quality = share of "white" licenses, stability of payments, low bonus abuse.

Benchmark: share of "white" regulated markets in NGR> 75-80%.

Red flags: high proportion of income from grey GEOs; bonuses> 30% NGR.

2) Revenue growth and its mix

What it is: YoY/QoQ growth with vertical split (casino/live/sports/lottery), GEO and brands.

Why it matters: Diversification reduces volatility and boosts multiplier.

Benchmark: 20-40% YoY for growing; ≥3 independent drivers (vertical/GEO/brand).

Red flags: dependence> 35% on one GEO/brand; growth only due to aggressive bonuses.

3) Gross and Contribution margin

What is that:

Gross Margin = (NGR − direct COGS: content royalties, hosting, feeds )/NGR.
Contribution Margin = Gross − marketing − fees − affiliates.
Why it matters: shows the "fuel" for growth without distortion overhead.
Benchmark: Gross 55-70% (operators), 70-85% (B2B/PaaS).
Red flags: revenue growth with falling contribution margins.

4) EBITDA margin and its "purity"

What it is: EBITDA and Adjusted EBITDA with transparent normalization.

Why it matters: The foundation of valuation (EV/EBITDA) in mature companies.

Benchmark: 15-30% for operators; 20-40% for B2B platforms.

Red flags: "adjasts" include fixed costs (fines, fraud, eternal "one-time" consulting).

5) NRR/Churn (for B2B)

What is that:

NRR (Net Revenue Retention) = (revenue from existing customers t )/( same base in t − 1).
Logo/Revenue Churn - customer/revenue outflows.
Why it matters: return rate of income and market fit product.
Reference: NRR 110-125% +, churn <6-8 %/year.
Red flags: NRR <100% with high new sales growth - "leaking bucket."

6) LTV: CAC, Payback (for B2C)

What it is: Marketing payback on cohorts.

LTV = player's discounted Net Revenue over the horizon (90/180/365 days).

CAC = all acquisition costs (media, tracking, creative, welcome bonus).

Why it matters: Manages budgets and scalability.

Landmark: LTV_180/CAC ≥ 1. 6; Payback ≤ 90-120 days for mass channels.

Red flags: growth on channels with Payback> 180 days without strong organic matter.

7) Cash conversion: OCF/FCF and working capital

What is that:

OCF (operational cache flow), FCF (OCF − CapEx).
Cash Conversion = OCF / EBITDA; control of accounts receivable/payables, jackpot reserves.
Why it matters: profit on paper ≠ cash.
Benchmark: Cash Conversion 70-90% + in mature; negative WC is the norm for some operators, but with risk control.
Red flags: sustained gap between EBITDA and OCF; growth of open payments.

8) Payment health: Approval/MDR/Cashout T-time

What is it: deposit conversion, average commission (MDR), withdrawal rate, chargeback rate, false positive anti-fraud.

Why it matters: Direct impact on NGR/retention and regulatory risk.

Landmark: approval> 88%, MDR <2. 5%, cashout < 12–24 ч, chargeback < 0. 6%.

Red flags: the only PSP on GEO, queues for payments, frequent off-boarding 'and.

9) Risk contour: RG/AML and SLA/uptime

What is it: frequency/severity of incidents, fines, share of players under RG triggers, SLA (≥ 99. 9%), MTTR incidents.

Why it matters: directly affects the cost of capital and admission to licenses/payments.

Benchmark: zero large fines, public post-mortems, MTTR <60 min.

Red flags: repeated RG/AML violations, unstable uptime.

10) Debt load and liquidity

What it is: Net Debt/EBITDA, Interest Coverage, Runway (months of cache), covenants.

Why it matters: Determines the flexibility of M&A, marketing and withstanding shocks.

Benchmark: Net Debt/EBITDA <2. 0 × (height) or <3. 0 × (mature), Coverage> 4 ×.

Red flags: Covenant-breeches, short duration debt, floating rates without hedges.

Quick sheet for investor

Repeatability: NRR, proportion of "white" GEO, contribution of organic matter.

Growth efficiency: LTV: CAC, Payback, contribution margin.

Cash and payments: Cash Conversion, approval/MDR/cashout.

Risks: RG/AML incidents, fines, SLAs.

Sustainability: Net Debt/EBITDA, diversification by GEO/verticals/brands.

How to improve metrics (in a nutshell)

Raise the quality of revenue: reduce bonus abuse, shift the mix to "white" markets, improve approval.

Strengthen margins: optimize feeds/royalties, marketing mix, vendor consolidation.

Accelerate payback: A/B tests of offers and landing, incremental experiments (geo-holdouts).

Cache discipline: FinOps, short cycles of settlements, WC management.

Reduce risks: XAI-RG, AML training, backup payment routes, SRE practices.

If a company shows net and repeatable revenue, controls payments and risks, quickly turns EBITDA into a cache and is not overloaded with debt, its multiplier is naturally higher. These 10 metrics provide a holistic picture - from monetization quality to operational sustainability - and allow investors to distinguish "growth at all costs" from sustainable businesses.