GGR stands for gross gaming revenue: the money an operator takes in stakes, minus the winnings it pays back to players. It is the gambling industry’s top line. Regulators publish it, most gaming taxes are calculated on it, and supplier and affiliate deals start from it.
NGR (net gaming revenue) is GGR after further deductions, typically bonuses, gaming taxes, chargebacks and some supplier costs. Regulators rarely use NGR. Contracts do.
The detail sits in what counts as a “stake” and what counts as a “winning”. That is where regulators differ, and where most GGR disputes start.
How regulators define it
Great Britain: GGY, not GGR
The Gambling Commission uses the term gross gambling yield (GGY) and tells operators that returns “must ensure that all figures submitted are based on GGY and not GGR”. Its regulatory returns guidance sets the formula as:
GGY = A + B − C
- A: stakes paid to the licensee in the period
- B: any other amounts (excluding VAT) that accrue to the licensee
- C: prizes or winnings paid out
Free bets and bonuses count only where the customer had an unrestricted right to take a cash equivalent instead. All other free bets and bonuses are left out. That is the figure behind the Commission’s headline numbers: £17.5 billion of industry GGY in the year to March 2026, of which remote casino, betting and bingo was £8.3 billion (Commission release, 17 September 2026).
HM Revenue and Customs uses a different base for Remote Gaming Duty. Profit is gaming payments from UK customers less prizes, and a free play is taxed “as if it were a (non-discounted) fully paid up stake”, per Excise Notice 455A. Since 1 April 2026 the rate is 40%. So a UK operator can report one yield figure to the regulator and pay tax on a larger one.
Gibraltar: promotions are not deductible
Gibraltar’s Gambling (Duties and Licence Fees) Regulations 2026 define “gross gaming profit” as stakes received minus winnings paid, and state that the value of free spins, bonuses or other promotional incentives “must not be deducted”. Relevant chargebacks may be deducted. General gaming duty is 0.15% of gross gaming profit, with the first £100,000 exempt.
US states and Ontario
US state regulators publish monthly revenue by game type. Pennsylvania’s Gaming Control Board, for example, reported iGaming slots revenue of $197.4 million in September 2026, up 8.99% year on year (PGCB release). The taxable definition of revenue, including whether promotional play can be deducted, is set state by state in statute, so check the state’s own law before comparing two states’ numbers.
iGaming Ontario reports wagers and gross gaming revenue together, and notes that its wager figures exclude promotional wagers (bonuses). Its fiscal 2024/25 release gave C$82.7 billion in wagers and C$3.2 billion in GGR (iGaming Ontario).
A worked example
The figures below are illustrative, not from any operator. One month at a mid-sized online casino:
| Line | Amount (€) |
|---|---|
| Cash stakes | 1,000,000 |
| Stakes placed with bonus funds (not withdrawable) | 60,000 |
| Winnings paid on cash stakes | 950,000 |
| Winnings paid on bonus stakes | 57,000 |
GGR on cash play only: 1,000,000 − 950,000 = €50,000. That is a hold of 5.0% of cash stakes.
GGR if bonus stakes are treated as stakes (the HMRC approach to free plays): (1,000,000 + 60,000) − (950,000 + 57,000) = €53,000.
Same month, two GGR figures, €3,000 apart. Which one appears in a report depends on whose rules it follows. Now take NGR under a contract that deducts bonus cost, a 15% gaming tax on the €50,000 and chargebacks of €1,000 (all illustrative):
| Step | € |
|---|---|
| GGR (cash) | 50,000 |
| less bonus cost (bonus funds converted to cash, illustrative) | 3,000 |
| less gaming tax (15% of GGR) | 7,500 |
| less chargebacks | 1,000 |
| NGR | 38,500 |
An affiliate on 30% revenue share earns €11,550 on NGR, or €15,000 if the same 30% applied to GGR. Our NGR explainer compares the deductions three operator affiliate programmes publish.
GGR, NGR and hold compared
| Term | Formula | Who uses it |
|---|---|---|
| Turnover / handle | Total stakes | Volume reporting, some taxes on stakes |
| GGR / GGY | Stakes − winnings | Regulators, most gaming taxes, supplier fees |
| Hold (margin) | GGR ÷ stakes | Product and trading teams |
| NGR | GGR − contract deductions | Affiliate revenue share, some B2B fees |
Supplier deals are usually priced on GGR. Game studios and aggregators commonly take a share of the GGR their games produce, and SoftGamings notes on its aggregator page that “the revenue share and other aspects of the agreement influence the final price”. That makes the GGR definition in a supply contract as important as the rate. See our game aggregator explainer for how the reporting reconciles.
FAQ
Is GGR the same as revenue in company accounts? Not always. Listed operators may report revenue after deducting free bets, promotions and some taxes, under their accounting policies. Read the revenue recognition note in the annual report before comparing a company’s revenue with regulator GGR.
Can GGR be negative? Yes, for a single player, game or short period, when winnings exceed stakes. Sportsbooks see this after a run of results that favour bettors; Flutter, for example, cited adverse sports results in its Q3 2026 release. Over a full year for a whole casino it is unusual.
Why does Great Britain use “yield”? It is the term in the Commission’s returns guidance. Treat GGY as the GB name for GGR, but check the free bet rule above when comparing it with other markets.
For industry readers aged 18 and over. Anyone affected by gambling harm can find help through our responsible gambling page, including the National Gambling Helpline on 0808 8020 133.