TOP-5 the most profitable jurisdictions for operators

💡 How we view "profitability": not just the gaming tax rate, but the Net/GGR total after bonuses, royalties, payments, tax and compliance; plus funnel quality (Approval Rate, access to "white" channels, payout speed) and rule stability. This is a review for strategies - not legal advice.

1) Ontario (Canada)

Why in the top

Ontario combines "white" payments (high Approval Rate, instant local methods), a mature reporting model and scalable demand. The regulator requires discipline, but in return gives predictability and access to media/partners.

Tax/base

The gaming tax is actually on NGR (after recognized deductions), which critically reduces the sensitivity to bonuses/payments. CIT is a standard Canadian corporate circuit.

Bonuses/Marketing

Bonuses are allowed within the strict disclosure framework; "gray" receptions do not pass, but CAC is stable due to official channels.

Payments/disbursements

Local rails → Approval Rate often 90% +; p95 output in a matter of hours. This directly pulls Retention and LTV.

Compliance-OREH

Above average (monthly reports, audits), but pays off with traffic quality and low chargeback.

Benchmark Net/GGR

18-24% with Bonus Cost 10-15% GGR and normal content structure.

Who is suitable

Medium and large brands that can live "by the rules" and monetize "white" traffic.

Risks

Increasing requirements for advertising/responsible play can "cut" aggressive mechanics - lay missions/seasons instead of "giveaways."

2) USA (New Jersey/Pennsylvania/Michigan cluster)

Why in the top

Three states provide critical mass of iCasino + sports and omnichannel with offline networks. It is expensive to enter, but high ARPPU, reliable payments and strong media partnerships provide a long LTV.

Tax/base

GGR staff rates, but taking into account local deduction rules; in Pennsylvania, the tax is higher, in New Jersey - more moderate. CIT - by state.

Bonuses/Marketing

Strict attribution, prohibitions of "dark" patterns; but sport gives cheap funnels to cross-sell in the casino.

Payments/disbursements

Card/bank and local methods with high devices; SLA for VIP payments - minutes/hours.

Compliance-OREH

High (license, servers/game providers, audit, local partners), but marginality is kept at the expense of ARPPU and omnichannel.

Benchmark Net/GGR

16-22% (strong brands above range in New Jersey).

Who is suitable

Large and conglomerates with offline "shoulder"; medium - in partnership with terrestrial casinos/tribal.

Risks

Negative tax volatility and state differences → need a portfolio and a flexible bonus economy.

3) UK

Why in the top

The most mature "white" online market: powerful payments, RG standards, brand recognition and predictable CAC - despite tightening.

Tax/base

Gaming-tax на GGR; bonuses are partially accounted for according to the established rules. VAT on gaming revenue is not applied, but is valid for services (marketing/software).

Bonuses/Marketing

Rate/speed limits, hard disclosure; bonuses are "expensive" under BC, but pay off due to transparency and high conversion of repeated deposits.

Payments/disbursements

One of the best Approval Rates in the world; quick conclusions - standard. This is the base of high Retention.

Compliance-OREH

High (KYC/AML/Safer Gambling, reporting), but gives access to premium channels and reduces risk discount.

Benchmark Net/GGR

14-20% with Bonus Cost 12-18% GGR and a strong payment matrix.

Who is suitable

Brands with developed CRM and responsible UX: those who build trust and readable rules win.

Risks

Further RG restrictions and bonousting pressure - plan content seasons, missions and PF transparency.

4) Malta (MGA)

Why in the top

Euro hub with strong B2B/PSP infrastructure, fast licensing and access to many "white" markets (within local tolerances). Good for a multi-regional stack.

Tax/base

Gaming taxes/fees are moderate; CIT is effectively optimized within the European context (subject to substance).

Bonuses/Marketing

Flexible, but under the rules of specific target countries; MGA compliance increases the confidence of partners and PSP.

Payments/disbursements

Wide range of PSP and open-banking; Approval Rate is high, Payment Cost is lower than in gray modes.

Compliance-OREH

Medium/below high: audit, compliance officers, reporting - predictable and scalable.

Benchmark Net/GGR

18-25% in the portfolio of "white" markets with competent geosegmentation.

Who is suitable

Multi-country operators/providers who value release speed and access to European PSPs/partners.

Risks

Do not replace the local license with a "passport" to countries with separate regulation - observe local tolerances.

5) Gibraltar

Why in the top

Historic European hub with high concentration of iGaming expertise, fast access to banking/payments and competitive CITs.

Tax/base

Gaming fees are moderate; CIT - competitive in the presence of substance. Bonuses and payments are taken into account according to the established frames.

Bonuses/Marketing

Similar to Malta in flexibility; comfortable circuit for large partnerships and B2B chains.

Payments/disbursements

Reliable rails, high Approval Rate, fast payouts - a strong Retention driver.

Compliance-OREH

Comparable to MGA; strong substance/risk management requirements.

Benchmark Net/GGR

17-24% with a stable funnel and "clean" geography.

Who is suitable

Large and medium multi-geo operators combining several "white" markets.

Risks

Post-Brexit nuances of banks/payments require working with reliable providers and the right corporate structure.

Quick comparison of profitability levers

Jurisdiction	Tax base	Payments/Approval	Compliance-OREH	Media access	Benchmark Net/GGR
Ontario	NGR-like	Very high	High	Wide "white"	18–24%
UNITED STATES (NJ/PA/MI)	GGR (states)	Very high	Very tall	Premium	16–22%
UK	GGR	Very high	High	Premium	14–20%
Malta (MGA)	Moderate/Fees	High	Average	Wide (via local tolerances)	18–25%
Gibraltar	Moderate/Fees	High	Medium/High	Wide B2B/B2C	17–24%

(Ranges - benchmarks at Bonus Cost 10-18% GGR, strong payments and "pure" geo. Your actual values depend on the content mix, rates, royalties and CAC.)

What is more important than the tax rate: 5 practical insights

1. Approval Rate + 5 pp often gives + 3-8% to GGR without CAC growth - especially in onshore modes.

2. The NGR tax base (with deductions for bonuses/payments) raises Net/GGR by 3-6 percentage points against GGR tax at the same nominal rate.

3. "White" channels reduce CAC and chargeback → above LTV and below the risk discount to the assessment.

4. Compliance-OPEX pays off through access to payments/media and the predictability of the funnel.

5. RG and PF transparency are not only about the regulator, they are retention and admission to procurement.

Scenario comparison mini-template (insert your numbers)

1. Build a P&L for a month: GGR → (bonuses, royalties, payments, jackpots) → NGR → (gaming-tax, OPEX, licences. fees) → EBITDA → Net.

2. Run 2 versions of the tax: GGR-tax vs NGR-tax.

3. Change Approval Rate to ± 5 p.p., Bonus Cost to ± 3 p.p., Payment Cost to − 0.5 p.p.

4. Compare Net/GGR and Payback (LTV/CAC).

5. Add "risk depreciation": probability of incident × damage/12 → in OPEX.

The most profitable jurisdictions are not just "where the tax is lower," but where the funnel passes faster and cleaner: high apps, quick payments, white channels, understandable bonus rules, NGR-friendly base and predictable compliance. In 2025, Ontario, key US states (NJ/PA/MI), Great Britain, Malta and Gibraltar win in this sense. Assemble a portfolio from these markets, debug payments and bonus economics - and your Net/GGR becomes a function of operational prowess, not the vagaries of jurisdiction.