iGaming Glossary: 120 Terms from GGR to NGR, with Formulas and Examples

When negotiating an iGaming deal, it’s important to use the right language, or a small slip-up can change the payout by as much as a third. For example, NGR is calculated differently by each operator, hold means different things in slots and in sports betting, and CPA contracts with no baseline attached require no payments.

To cut through all the jargon, 15M put together a glossary of 120 industry terms, split into seven categories (finance, affiliates, product, sports betting, regulation, traffic, payments). Each definition comes with any applicable equations and a numerical example; hypothetical examples are marked as such, while actual figures carry a source citation.

Key Takeaways

• The money chain is short: handle → GGR → NGR → EBITDA. Everything else consists of ratios between these four figures. In the UK, online casinos generated £5.7 billion in GGY over the course of a year, of which slots accounted for £4.8 billion [9]; starting April 1, 2026, a 40% Remote Gaming Duty was levied on this base instead of 21% [1, 2];
• For affiliates, the most important factor is what is deducted from GGR before calculating RevShare. In FDJ United Affiliates’ global terms, the list of deductions includes a “35% administration fee” [3]; a negative balance is carried over to the next month unless the program specifies otherwise [3]. According to Track360, the median CPA for Tier-1 casinos is $250, for sports betting it is $200, and the median RevShare is 30% of NGR [4];
• New terms are emerging faster than contracts are being updated. Event contracts on Kalshi for June 2026 generated $31.5 billion in trading volume [15], AI Overviews have cut Google’s top-position CTR by 58% [16], and in India, UPI processed 24.07 billion transactions in September 2026 [19]. These terms are already appearing in operators’ reports—and should be included in the dictionary.

Block 1. Finance and Metrics

There are four base figures: handle (turnover), GGR, NGR, and EBITDA — and the ratios of those numbers to one another. Disputes over “margin” and “hold” usually clear up as soon as the parties agree which of the four belongs in the denominator.

1. Handle / Turnover. The total amount of all bets accepted during the period, before deducting payouts. This is the largest figure in the report and the least useful for assessing profitability. Example: DraftKings reported a Sports Consumer Volume of $13.1 billion for the second quarter of 2026, a 15% increase from the previous year [8].

2. GGR (Gross Gaming Revenue). The difference between wagers and payouts to players. Formula: GGR = Handle − Payouts. Hypothetical example: Turnover of €2 million, payouts of €1.9 million, GGR = €100,000. In the United Kingdom, the industry-wide GGR for April 2025–March 2026 totaled £17.5 billion [9].

3. GGY (Gross Gambling Yield). A British synonym for GGR used by the Gambling Commission. The remote segment (casinos, betting, bingo) for FY2025/26 was £8.3 billion, a 6.9% increase [9]; in the first quarter of that year, remote casinos generated £1.4 billion, or 67.2% of remote GGY [10].

4. Hold (hold percentage). The hold rate, or hold%, is the share of the handle that stays with the operator, before taxes and the operator’s other costs. Formula: Hold = GGR / Handle × 100%. Hypothetical example: €100,000 out of €2 million in total bets is a hold of 5%. For slots, the theoretical hold per spin equals 1 − RTP, but within a session players re-wager their winnings, so the actual hold on deposits is several times higher. Calculation by 15M: at DraftKings, revenue of $1,443 million on $13.1 billion in handle implies roughly 11% across all products; the company itself does not disclose its quarterly hold [8].

5. NGR (Net Gaming Revenue). GGR after bonuses given to players, gaming taxation, and payment processing fees have been deducted; some operators also charge an administration percentage on top of those deductions. Formula: NGR = GGR − bonuses − taxes − payment processing fees (−admin fee). Hypothetical example: GGR of €100,000, taxes of €21,000, processing fees of €5,000, and €20,000 of bonuses handed out to players leave an NGR of €54,000. Under FDJ United Affiliates’ terms, an additional 35% administration fee, chargebacks, and fraud-related expenses are deducted from the base amount [3].

6. Margin. A word with two meanings. In betting, “margin” is synonymous with “hold” or “overround” (see Block 4). In finance, it is the ratio of earnings to revenue: EBITDA margin = EBITDA / Revenue. Example: Better Collective announced that its second quarter 2026 EBITDA was €27 million on revenue of €89 million, a margin of 30% [7].

7. EBITDA. Earnings before interest, taxes, depreciation, and amortization; a standard metric for comparing operators and affiliates. Example: Better Collective posted a 20% increase in EBITDA before special items, to €27 million, with revenue growth of 9% [7]; DraftKings reiterated its 2026 forecast range for Adjusted EBITDA of $700–900 million [8].

8. Bonus cost / Bonus ratio (cost of bonuses). The total amount of bonuses credited to players and its share of GGR. Formula: Bonus ratio = total amount of bonuses credited to players / GGR. Hypothetical example: €20,000 in bonuses against €100,000 in GGR is 20%. DraftKings cited the increase in bonuses associated with onboarding new players as one of two reasons for the decline in revenue in the second quarter of 2026 [8].

9. Payout ratio (actual payout). The percentage of all wagers that is returned to players. Formula: Payout ratio = Payouts / Handle = 1 − Hold. Hypothetical example: €1.9 million / €2 million = 95%. Do not confuse this with RTP, the return expected on a particular game (Block 3).

10. ARPU / ARPPU (average revenue per user). Revenue for the period divided by the number of users (ARPU), or revenue divided by the number of paying users (ARPPU). Formula: ARPU = Revenue / Users. Example: DraftKings reports ARPMUP, average revenue per monthly paying user, and it fell 13% in the second quarter of 2026 to $132 [8].

11. MAU / MUP (active users). DraftKings reports MAU, monthly unique users, and MUP, monthly unique paying users. Example: 3.6 million MUP in the second quarter of 2026, up 9% [8]. A hypothetical example paired with ARPU: 3.6 million × $132 ≈ $475 million in monthly revenue.

12. LTV (Lifetime Value). The total NGR a player generates in their lifetime. Formula (simplified): LTV = ARPU per month × average lifetime, where lifetime ≈ 1 / churn rate. Hypothetical example: if ARPU per month = €40 and the churn rate = 10% per month, then LTV = €40 × 10 = €400.

13. Churn. This metric shows the percentage of players who stopped playing during the selected period. Formula: Churn = players who left / player base at the start of the period. Hypothetical example: in January, a casino had 1,000 active players, 100 of whom did not return in February, giving a churn rate of 10%.

14. Retention (D7/D30). This metric shows the percentage of players who returned N days after registering or making their first deposit. Formula: Retention = 1 − Churn for the same period. Hypothetical example: of 500 First Time Depositors (FTDs), 150 are still active after 30 days, which means D30 retention is 30%.

15. CAC (Customer Acquisition Cost). This metric calculates marketing spend divided by the number of new depositors it generated. Formula: CAC = marketing / FTD. Hypothetical example: €100,000 spent on marketing brought in 500 new depositors (FTDs), resulting in a CAC of €200. CAC differs from CPA (Block 2) in that CPA is calculated per channel, while CAC shows an average cost across all channels.

16. Payback period. The time it takes for the NGR made from a player to cover the cost of acquiring them. Formula: Payback = CAC / Monthly NGR. Hypothetical example: a CAC of €200 against €40 of NGR a month is 5 months (€200 / €40 = 5). If the payback period exceeds the player’s lifetime — 12 months in the LTV example — the channel is unprofitable.

17. ROI (Return on Investment). The ratio of profit to investment. Formula: ROI = (revenue − costs) / costs × 100%. Hypothetical example: a CAC of €200 and €400 of LTV gives an ROI of 100% ((€400 − €200) / €200 × 100%). For affiliates in arbitrage, the ROI is calculated on traffic costs instead: €2,000 spent on traffic generating €3,000 in revenue is 50%.

18. VoD (Value of Deposits, total deposits). The total amount of deposits for the period generated by players referred by an affiliate under the revenue-sharing (RevShare) program. Better Collective introduced it as an external KPI in the second quarter of 2025; in the second quarter of 2026, affiliates generated a record VoD of €836 million, up 17% on a yearly basis [7].

19. Net deposits. Total deposits less total withdrawals for the period; it shows how much money players left in the operator’s accounts. Formula: Net deposits = Deposits − Withdrawals. Hypothetical example: €500,000 in deposits, less €380,000 in withdrawals, is €120,000 in net deposits.

20. Gaming tax (tax on gaming activities). A tax levied on GGR, less commonly on revenue or NGR. Formula: Tax = GGR × tax rate. Example: in the United Kingdom, the Remote Gaming Duty increased from 21% to 40% for periods beginning April 1, 2026, and a 25% General Betting Duty rate will be introduced for online betting starting April 1, 2027; the rate for horse racing remains at 15% [1, 2]. Hypothetical example: GGR of £100,000 → £40,000 in tax instead of £21,000.

All formulas in the block are presented in a single table using a single set of sample numbers.

Table 1. Summary of Formulas. Rows without a source number represent a hypothetical example of 15M based on a single set of figures: handle of €2 million, GGR of €100,000.

Block 2. Affiliate Marketing

This block has the most terms because each one is a line in a contract. The Track360 figures are taken from benchmarks dated July 18, 2026; the company notes that these are estimates based on a non-random sample of its platform [4, 5].

21. Affiliate. A business or person who promotes an operator and gets paid a commission for player referrals; they do not sell any products nor handle operator or player monies, but simply generate traffic and content. An example of its scale: Better Collective referred 373,000 new depositing players in the second quarter of 2026 [7].

22. Affiliate Program. An operator’s publicly available terms and conditions for affiliates, covering commission models, traffic source prohibitions, advertising rules and the NGR calculation procedure. Example: the global terms and conditions of FDJ United Affiliates, covering the Unibet, 32Red and other brands, were updated in March 2026, setting out definitions for Net Revenue and New Customer and rules for dealing with negative balances [3].

23. CPA (Cost per Acquisition). A flat fee paid per player who meets pre-agreed criteria, most commonly a first deposit of a defined minimum size. Formula: payment = number of qualified FTDs × rate. Example: Track360 benchmarks suggest that the median CPA for Tier-1 casino operators is $250, with a range of $150–400, while for sports betting it is $200, with a range of $120–350 [4]; the average CPA in regulated markets is $145, up 12% year on year [5]. Hypothetical example: 100 first-time depositing (FTD) players at $250 per FTD = $25,000.

24. RevShare (Revenue Share). Payment to affiliates as a proportion of the Net Gaming Revenue (NGR) made by referred players, often over the lifetime of each player. Formula: payout = NGR × the agreed rate. Example: the range at casinos is usually 25–45%, with a median rate of 30% [4]. Hypothetical example: a 30% RevShare on €10,000 of NGR is €3,000. At Better Collective, RevShare agreements accounted for 70% of NDC in the second quarter of 2026 [7].

25. Hybrid (hybrid model). The affiliate receives a payment on each first-time deposit (FTD) plus a reduced RevShare. Example: a typical combination is $75–150 plus 15–25% RevShare on NGR [4]; the hybrid became the most common model in new 2026 contracts: 41%, against 33% for pure RevShare and 26% for pure CPA [5]. Hypothetical example: 100 × $100 + 20% × $10,000 NGR = $10,000 + $2,000.

26. NDC / FTD (New Depositing Customer / First-Time Depositor). A new player who makes their first-ever deposit; the basic unit of measurement in affiliate marketing. Definition example: at FDJ United, sign-up and first deposit need to be made in the same calendar month [3]. Scale example: Better Collective generated 373,000 NDCs in Q2 2026, up 24% year on year [7].

27. Baseline (CPA eligibility requirements). The minimum criteria a player must meet to be eligible for the CPA: deposit amount, betting volume, number of sessions, and duration. According to Track360 estimates, such conditions apply to around four out of five transactions in regulated markets [4]. Hypothetical example: a baseline of a €20 deposit with a €50 turnover — out of 100 FTDs, only 70 meet it, so the payout is 70 × $250.

28. Negative carryover. If an affiliate’s players have won more than they have lost, the monthly NGR is negative, and the deficit is carried over to the next month. Example: under FDJ United’s terms, carryover is on by default and can only be turned off with the permission of the Head of Affiliates [3]; according to Track360, around 60% of new RevShare contracts contain a carryover clause, and contracts without one are 5–10 RevShare points cheaper [5]. Hypothetical example: January −€2,000, February +€3,000 — payout of €1,000.

29. Admin fee (administrative fee). A fixed percentage that the operator deducts from GGR before calculating RevShare “for services”—platform, support, and licenses. Example: a 35% administration fee in the definition of Net Revenue at FDJ United Affiliates [3]. Hypothetical example: GGR €10,000 → base amount of €6,500 before deducting bonuses and taxes; with a 30% RevShare, the affiliate loses €1,050.

30. Clawback (commission recovery). The operator’s right to withhold or recover commission that has already been credited: fraud, player self-exclusion, chargebacks, or violations of traffic rules. Example: according to Track360 estimates, 4.6% of affiliates’ gross commissions in 2026 were clawed back or withheld following an audit; programs with real-time fraud detection claw back approximately 40% less [5].

31. Sub-affiliate. An affiliate recruited by another affiliate; for each one recruited, the referrer receives a percentage of their commission. Formula: referrer’s earnings = sub-affiliate’s commission × rate. Hypothetical example: a sub-affiliate earned €5,000 and the referrer is paid a 5% rate, so the referrer receives €250. 5% is a typical rate in program reviews in the 15M catalog.

32. Postback / S2S (server-to-server tracking). The conversion event is transmitted when the operator’s server notifies the affiliate’s tracking server directly, with no browser involved. More reliable than a pixel: not affected by ad blockers or cookies, and gaining ground. Example: according to Track360, S2S accounts for 71% of new program integrations, up from 58% in 2024 [5].

33. Pixel tracking. Conversion tracking by an invisible element placed on the “thank you for your deposit” page, which reports the conversion when the player’s browser loads it. It is losing ground to S2S because of ad blockers and cookie restrictions. A hypothetical example: an 8–12% discrepancy between the pixel and the operator’s report is a reason to switch to postback.

34. Cookie window (attribution window). The period during which a registration following a click is credited to an affiliate. Example of an attribution rule: at FDJ United, the player is attributed to the last affiliate whose tracking link the player clicked on [3]. Hypothetical example: in a 30-day cookie window, a click made on March 1 will be used to attribute a deposit made on March 25, but not one made on April 5.

35. Link decoration (link parameters). Adding parameters that allow traffic sources to be identified — utm_source, subaccount, click ID — to a tracking link. Hypothetical example: ?aff=1234&sub1=youtube&clickid=abc. If the parameters do not include the click ID, the postback will not be able to attribute a deposit to a specific click.

36. Tracking link / Click ID. The affiliate’s unique link and the identifier for each click. The Click ID is sent in the postback, which allows conversions to be tracked for each tracking link rather than as a total. Hypothetical example: 10,000 Click IDs per month, of which 100 result in an FTD.

37. EPC (Earnings per Click). The main metric used to compare offers. Formula: EPC = revenue / clicks. Hypothetical example: a commission of €3,000 for 10,000 clicks towards a particular offer gives an EPC of €0.30. An offer that pays a CPA of $250 at an average conversion rate (CR) of 1% generates an EPC of $2.50, whereas a higher-CPA offer of $400 that converts at 0.4% brings in $1.60.

38. Conversion rate (CR). The percentage of clicks that lead to an action — a registration (click-to-reg) or a deposit (click-to-FTD, reg-to-FTD). Formula: CR = conversions / clicks. Hypothetical example: a CR of 5% means 10,000 clicks generate 500 registrations, of which only 100 lead to a first-time deposit (FTD) — 1% of clicks or 20% of registrations.

39. Minimum payout threshold. The amount that must be reached before money is owed to the affiliate; below it, earnings are not paid but roll over into following months. Example: for FDJ United, the threshold is €100, so commissions earned in a month are only paid out if that threshold was exceeded [3].

40. Approval window (commission approval period). The delay before the operator clears the FTD and releases the CPA commission, in response to fraud concerns. Example: according to Track360, the standard fraud verification delay sits between 30 and 45 days [5]. Hypothetical example: an affiliate program may track an FTD as occurring in March, with the related commission paid out in May.

41. Lifetime RevShare / limited RevShare. Lifetime RevShare is paid as long as the player remains active; Limited RevShare is paid for 12 or 24 months from the date of registration. Hypothetical example: with a 30% RevShare, a player with an NGR of €50 per month generates €15 per month; over 12 months that adds up to €180, and over a lifetime of 30 months to €450.

42. Flat fee / Media deal (fixed payment). Payment for placement not tied to conversions: a banner, a review, or a ranking position for a fixed amount, often paid monthly. Hypothetical example: €5,000 per month for a top-3 ranking position; with 50 FTDs, the effective CPA is €100.

43. Affiliate network. An intermediary that aggregates offers from multiple operators and pays affiliates directly, taking a cut. The opposite is an operator’s direct program. Hypothetical example: An operator pays the network $300 CPA, and the network pays the affiliate $250.

44. Traffic quality / Player value. How an operator assesses the players an affiliate brings in: FTD conversion rate, average deposit size, retention, and the share of bonus abusers and self-excluded players. Hypothetical example: two affiliates each bring in 100 FTDs, but the long-term value (NGR) of the first affiliate’s players over 90 days averages €80 per player, whereas the second affiliate’s players are worth only €15 on average; the second will therefore have their CPA reduced or be switched to RevShare.

Block 3. Product

Casino product terms: what a game does and why regulators ban certain features.

45. RTP (Return to Player, theoretical return). The theoretical percentage of money wagered that a game pays back to players over the long run. Formula: RTP = expected payouts / bets. Hypothetical example: a game with an RTP of 96.5% means that over the long run, on every €1 million wagered on the game, the operator can expect to make €35,000.

46. House edge (casino advantage). The mathematical advantage the operator has over players. Formula: House edge = 1 − RTP. Hypothetical example: a game with an RTP of 96.5% has a house edge of 3.5%; by comparison, European roulette with a single zero has a house edge of 2.7%.

47. Volatility / Variance. Volatility determines the ups and downs of payouts against the stated RTP. A low-volatility game pays out regularly, though likely not a large sum; high-volatility games pay out less often, but when they do, it is worth more. This is why two slots with the same RTP of 96% can feel drastically different to the player and give the operator different daily hold spreads.

48. Hit frequency (frequency of wins). The percentage of spins that result in a payout of any amount. Formula: Hit frequency = winning spins / total spins. Hypothetical example: a game with a 25% hit frequency pays out on average once every four spins; high-volatility slots often have a lower hit frequency of 15–20%.

49. RNG (Random Number Generator). All casino games run on an RNG, an independently lab-tested algorithm that determines the outcome of each spin or hand and ensures every round is fair and random. Hypothetical example: the RNG generates a number between 1 and 10,000, and the paytable defines which symbol is associated with each range so that, over enough rounds, the game pays out according to the stated RTP.

50. Max win (maximum win, multiplier). Each game has a maximum win, usually stated as a multiplier of the bet. Hypothetical example: a max win of x5,000 on a €2 bet returns €10,000. In slot marketing, this figure is often given more importance than RTP.

51. Bonus buy. Gives players the ability to trigger the bonus round immediately for a fixed cost rather than waiting for it to trigger organically. Hypothetical example: a player pays 100 bets (€100 at a bet of €1) to get the bonus round now. In some jurisdictions, this feature is prohibited because it speeds up the game.

52. Turbo / Quick spin / Slam stop. Slot acceleration features: shortened spin animation (turbo, quick spin) and stopping the reels with a button press (slam stop). Example of regulation: The AGLC standards for Alberta were updated on June 18, 2026, to prohibit turbo, quick spin and slam stop [14].

53. Autoplay. Allows players to spin without manual input. Regulators restrict or prohibit this feature when it is used together with turbo mode, because it removes the pause between the player’s decisions. Hypothetical example: a player sets 100 autoplay spins at €1 each, the game runs for 3 minutes, and €100 of turnover is generated without the player doing a single thing.

54. Crash game. A game where the multiplier starts at 1x and climbs until a random crash; the player must press cash-out before it happens. Hypothetical example: a player bets €10 and cashes out at 2.5x, winning €25; if the crash occurs at 1.8x the bet is lost. How often it crashes at particular multipliers determines the RTP.

55. Live dealer (live casino). Tables with a real dealer that are streamed from a studio; bets are placed via the interface. In British statistics, this is included in the “other casino games” category — £255 million GGY for FY2025/26 [9].

56. Game show. A live format featuring a host, a wheel, or other game mechanics instead of a traditional table, and combining the mathematics of roulette with a television presentation. Hypothetical example: a wheel with 54 sectors, with the multiplier for each sector determining the payout received on a win, and the house edge built into the distribution of the sectors around the wheel.

57. Progressive jackpot. A prize pool that is replenished by a percentage of each bet placed across a gaming network or by operators. Formula: jackpot increase = total bets × contribution rate. Hypothetical example: a 1% contribution from a €10 million network turnover would increase the prize pool by €100,000.

58. Stake limits. These define the lowest and highest wagering amounts allowed for a single hand or spin, with boundaries established by the game itself, by operators, or by regulatory authorities. Hypothetical example: enforcing a €5 maximum spin limit restricts a player’s hourly volume to 300 spins, which equates to a maximum hourly turnover of €1,500.

59. Aggregator / PAM (game aggregator and player management platform). An aggregator serves as a bridge linking an operator to numerous game studios through one API integration. Meanwhile, the Player Account Management (PAM) system oversees customer wallets, accounts, and KYC compliance. Hypothetical example: if an aggregator charges a 10% fee on the GGR generated by its integrated titles, a GGR of €100,000 results in a €10,000 payment.

60. Certification (game certification). The process where independent testing laboratories verify the RNG and RTP, followed by regulatory approval for a designated market. For instance, operators in Alberta were granted a 90-day grace period after the market launch to complete the certification of their gaming portfolio [25]. Games lacking this official certification are barred from launching in regulated jurisdictions.

Block 4. Sports Betting

Odds, margins, and why a bookmaker’s revenue may decline even as turnover increases.

61. Odds formats. Odds can be displayed as decimal (1.91), fractional (10/11), or American (−110). Conversion formula: decimal = fractional + 1; for negative American odds (−X), the math is 1 + 100/X. Hypothetical example: −110 translates to 1 + 100/110, which equals 1.91.

62. Implied probability. The likelihood of an event occurring as reflected in the odds. Formula: p = 1 / decimal odds. Hypothetical example: odds of 1.91 yield a 52.4% probability. The combined probabilities of all possible match results will surpass 100%, and the surplus represents the bookmaker’s margin.

63. Overround / Vig / Juice (bookmaker’s margin). The percentage by which the combined implied probabilities exceed 100%. Formula: Overround = Σ(1/odds) − 1. Hypothetical example: two outcomes priced at 1.91 and 1.91 result in 52.4% + 52.4% = 104.7%, representing a 4.7% overround.

64. Theoretical hold / Trading margin. The percentage of total handle a bookmaker keeps when bets are perfectly balanced. Formula: Theoretical hold = Overround / (1 + Overround). Hypothetical example: 4.7% / 1.047 equals 4.5%. With parlay bets, this theoretical margin multiplies with every added selection.

65. Actual hold (actual margin). The actual share of revenue remaining after settling events; it differs from the theoretical figure due to the results. Example: in the second quarter of 2026, DraftKings’ volume rose 15% while revenue fell 5% — the company blamed this on “customer-friendly sport outcomes” and higher bonuses [8].

66. Parlay / Accumulator (multi-bet). A bet on several outcomes, where the odds are multiplied together, and a loss on any one leg cancels out the whole bet. Formula: odds = odds₁ × odds₂ × … Hypothetical example: three legs at 1.91 → 6.97; the theoretical margin on three legs at 4.5% is about 13%.

67. SGP (Same Game Parlay). A parlay of a number of outcomes in the same game — winner, total, player to score. Since these outcomes are interdependent, the bookmaker recalculates the odds rather than multiplying them. Hypothetical example: “win + over + player to score” might be quoted at 6.0 instead of 7.5 when the odds are multiplied.

68. In-play / Live betting (betting during the match). Betting is accepted after the event has started, with odds updated in real time. Hypothetical example: the odds on a home win are priced at 2.10 before kick-off and drop to 1.45 after a home goal in the 20th minute.

69. Microbetting. Bets on the next event within a game — the next play, serve, or shot. These markets have very short-lived betting cycles, just seconds, which require automated trading. Hypothetical example: there are around 200 micro-markets per NFL game, while typical sportsbooks will only offer 40–60 regular markets per game.

70. Cash out (early settlement). Cash out allows a bet to be settled early, for its current price, including the bookmaker’s margin. Hypothetical example: a €10 bet priced at 3.00; at a given moment the market-implied probability of it winning is 70%, so the fair cash-out price would be €21, and the bookmaker offers a cash-out of €19.

71. Handicap / Spread / Totals. A handicap evens the odds by applying a point spread; a total is a bet on whether the total number of points will be over or under the line. Hypothetical example: with the favorite at −3.5, the bet wins if they win by 4 points or more; with a total of 45.5, the bet wins if the total points scored is 46 or more.

72. Line movement / Steam. Odds fluctuate based on incoming wagering volume and fresh information; “steam” denotes a rapid, identical adjustment occurring simultaneously across several bookmakers. Hypothetical example: if a point spread moves from −3.5 to −4.5 within an hour, it indicates that the market has absorbed a heavy wager on the favorite.

73. Risk management / Bet limits. Bookmakers manage their financial liability by implementing limits on specific wagers, entire markets, and individual clients to keep their books balanced. Hypothetical example: a sportsbook might restrict wagers on a second-division market to a €1,000 maximum, against a cap of €50,000 on a top-tier league.

74. Sharp / Recreational (professional and recreational bettors). “Sharps” are bettors whose wagers regularly beat the market line, whereas “recreational” bettors wager strictly for entertainment. Bookmakers monitor sharp activity as a cue to modify their odds. Hypothetical example: a sharp bettor might maintain a +3% ROI across a sample of 5,000 bets.

75. Prediction market / Event contract. Trading venues where participants buy and sell binary “yes/no” contracts tied to real-world occurrences, with prices fluctuating between $0 and $1; in the U.S., the CFTC regulates these instruments as derivatives. Example: during June 2026, Kalshi recorded $31.5 billion in volume, while Polymarket generated $10.26 billion, alongside an additional $3.04 billion on its American platform, yielding a combined $44.8 billion [15]; by April, the cumulative all-time volume for both exchanges had topped $150 billion [21]. Hypothetical example: buying a contract at $0.40 yields a $1.00 settlement payout if the event occurs.

76. Betting exchange. A platform that allows users to wager directly against one another, with the operator charging a commission on net winnings. Formula: exchange revenue = net winnings × commission. Hypothetical example: a €100 win subject to a 5% commission leaves the player with €95. Prediction markets are its closest counterpart.

Block 5. Regulation and Compliance

Terms that define where and how one can work. British examples predominate: this is the most well-documented market.

77. B2C / B2B license (operator and platform provider license). A B2C license allows an operator to accept bets from players, while a B2B license allows a platform provider to supply games, a platform, or services to licensed operators. Example: In Alberta, operator registration costs $50,000 per application and $150,000 per year per website, while platform provider registration costs $15,000 per year (Canadian dollars) [23].

78. Remote operating license / PML (UK license types). Remote Operating License — a license issued by the Gambling Commission for remote operations by type (casino, betting, bingo); Personal Management License — a personal license for executives of licensed operators. The terms and conditions for both are set out in the LCCP [11].

79. KYC (Know Your Customer). Verification of a player’s identity, age, and address, either before registration or shortly thereafter: ID document, selfie, database. Hypothetical example: of 1,000 registrations, 850 passed automatic verification, another 100 passed manual verification, and 50 were rejected.

80. AML / CDD / EDD (Anti-Money Laundering). AML — the operator’s obligations to detect money laundering; CDD — customer due diligence, the standard checks on a customer; EDD — enhanced due diligence, more stringent checks on high-risk customers. Hypothetical example: EDD is triggered for any player making deposits of more than €2,000 in a month, requiring verification of the source of funds.

81. Source of funds / Affordability (source of funds and financial verification). Confirmation that a player’s funds are legal and that they are commensurate with income. Hypothetical example: a player deposits €5,000 in a week, and the operator may request a bank statement or confirmation of income before allowing further deposits.

82. RG (Responsible Gambling). A range of operator obligations: allowing customers to set limits, offering self-exclusion, providing warnings, training employees, and monitoring risky gambling behavior. Example: 1% of GGR in Alberta is paid into the responsible gambling fund [24].

83. Self-exclusion. A player’s right to block their own access to gambling for a set period or indefinitely; regulated markets maintain a single registration system. Example: in the United Kingdom, this is Gamstop, a free program that blocks accounts at licensed websites and mobile apps [13].

84. Deposit / Loss / Session limits. RG Tools: limits that cap a player’s deposits, losses or session time per day, week or month. Hypothetical example: a weekly deposit limit of €200 blocks a deposit of €250; any request to amend RG limits carries a 24-hour waiting period before it takes effect.

85. LCCP (License Conditions and Codes of Practice). The LCCP is a set of codes of practice and license conditions dictated by the Gambling Commission which all licensees must follow. Example: the current LCCP came into effect on July 29, 2026 [11]. Key point for affiliates: the operator is fully responsible for any promotion done on their behalf by any third parties.

86. PECR (Privacy and Electronic Communications Regulations). UK laws covering the use of cookies and electronic marketing: cookie banners and opt-in for marketing emails and SMS alerts. The regulatory authority is the ICO [12]. Hypothetical example: an operator sends push notifications to 100,000 addresses whose owners did not opt in — grounds for an ICO fine.

87. RGD / GBD (Remote Gaming Duty, General Betting Duty). These are the British taxes on remote gaming and betting. Example: the RGD rate rose to 40% of profits as of April 1, 2026, from its previous 21%; a 25% GBD rate will be introduced for online betting as of April 1, 2027, and 15% for horse racing [1, 2]. Hypothetical example: a casino with a GGY of £1 million would pay £400,000 in RGD.

88. Point-of-consumption tax. Under a point-of-consumption system, gambling activity is taxed in the jurisdiction where the consumer is located, irrespective of where the gambling company is based. The United Kingdom introduced point-of-consumption taxation in 2014; it is implemented through the RGD and GBD. Hypothetical example: a Maltese operator pays the British RGD on the GGY of British players.

89. White / Gray / Black market (white, gray, black market). White markets are those where an operator holds the appropriate license in the player’s country; gray, where gambling is not explicitly prohibited by law but no local license exists; black, where gambling is prohibited outright. Example: Before the Alberta market opened, the government estimated that the unregulated segment accounted for approximately 70% of the market [24].

90. Geoblocking. The practice of restricting access to a website or product, or its features, based on a user’s country or region. Done by checking the user’s IP address, identification documents, or payment information. Hypothetical example: an Ontarian might be directed to a version with no bonus ads, while a user in a “gray” Canadian province would see the full international version.

91. Mirror site. A replica of a website hosted on an alternative domain name that unlicensed operators use after the main domain has been blocked. In regulated markets, it is a breach of the program’s terms and conditions for an affiliate to link to a mirror site, thereby endangering all agreements.

92. Channelization (share of the regulated market). The proportion of players or bets captured by licensed operators. Formula: Channelization = regulated segment / whole market. Example: in Ontario, according to an Ipsos survey conducted in year four of the market, the figure was 91.1% [22].

93. Advertising codes. Rules governing gambling advertising. In the UK, the CAP Code and ASA rulings; in Alberta, a ban on advertising bonuses in open media and on using athletes in advertisements [14]. Hypothetical example: a post in an openly accessible Telegram channel titled “100 free spins with no deposit required,” aimed at a Canadian audience, violates Ontario and Alberta standards.

94. Regulatory settlement / Fine (penalty, settlement). Sanctions imposed by a regulator for non-observance of license requirements: fines, a contribution to social programs, or cancellation of the license. Hypothetical example: the regulator becomes aware of breaches of AML and RG regulations and requires the licensee to pay a multiple of the profit derived from the violation.

Block 6. Marketing and Traffic

How traffic comes in and where it goes. Terms like “cloaking” are described here, not recommended: in regulated jurisdictions, this is grounds for removal from affiliate programs and advertising networks.

95. SEO (Search Engine Optimization). Driving website traffic from search engines organically, without paying for impressions, through content, inbound links, and the technical implementation of the site; affiliate reviewers rely heavily on it. Hypothetical example: the search query “best online casino UK” draws 50,000 impressions a month, and the top result takes a click-through rate (CTR) of 25% — 12,500 clicks.

96. Parasite SEO. Posting gambling-related content on someone else’s website which has high domain authority — a news website, an online retailer, even a university website. The aim is to rank higher for certain Google searches by leveraging that site’s authority. Google penalizes this behavior under its policy concerning reputation abuse.

97. AI Overviews / GEO (generative search results and optimization for them). AI Overviews are Google’s generated answers displayed above organic search results; GEO (Generative Engine Optimization) refers to efforts to appear in these answers. Example: According to an Ahrefs study of 300,000 search queries, when an AI Overview is present, the CTR for the top position is 58% lower [16]; according to Pew, users click on regular results in 8% of visits with an AI answer, compared to 15% without one [17].

98. UBT (conditionally free traffic). Traffic from organic social media — TikTok, Instagram, YouTube Shorts, Telegram — without paying for impressions; “conditional” because it requires spending on accounts, content, and proxies. Hypothetical example: 50 accounts, 1 million views, 2,000 clicks, 20 FTDs.

99. Media buying. Purchasing paid traffic: Google Ads, Meta, TikTok, native networks, push notification networks, and programmatic advertising. Key metrics include CPM, CPC, CPA, and ROI. Hypothetical example: a CPM of $5 with a 1% CTR results in a CPC of $0.50; with a 1% conversion rate, the CPA is $50.

100. Traffic arbitrage. When the cost of generating traffic is less than what the offer pays per conversion. Formula: profit = FTD payout − traffic costs. Hypothetical example: CPA $250, FTD costs $180 — ROI 39%.

101. Cloaking. Showing one page to the ad network’s moderators and a different page to the user. Against the policies of all large ad networks and the terms of most affiliate programs; in regulated markets, it means a ban and the revocation of commissions (see “clawback”).

102. CRM (Customer Relationship Management). Retaining players: segmentation, triggered email campaigns, reactivation bonuses, VIP management. Hypothetical example: a reactivation campaign brought back 5% of 20,000 inactive players — 1,000 players active again — at a campaign cost of €2,000.

103. Push notifications. Messages delivered to a device through a push-enabled app or web browser; for affiliates, this is a separate advertising format, with its own push ad networks. Hypothetical example: a database of 500,000 subscribers at a CTR of 0.5% — 2,500 clicks on the newsletter.

104. Talent-led media / Influencer marketing. Utilizing streamers, experts, and other media personalities that have their own following in order to generate traffic. Example: Better Collective cites talent-led media as one of the growth drivers in North America in the second quarter of 2026 [7].

105. ASO (App Store Optimization). Marketing an app in the App Store and Google Play: search terms, screenshots, ratings. For operators in regulated markets, ASO is the primary source of installs. Hypothetical example: a conversion rate on an app page of 30% — 3,000 installs out of 10,000 views.

106. PPC / Brand bidding (context and bidding on another brand). PPC is pay-per-click in search; brand bidding is bidding on search queries that include the operator’s brand name. Most programs forbid brand bidding without express permission. Hypothetical example: the term “unibet bonus” might cost €1.50 per click, compared with “casino bonus” at €4 per click.

107. Landing / Prelanding (landing page and pre-landing page). A landing page is a page with an offer and a sign-up button; a pre-landing page is the page that comes before it — a story, a quiz, an operator overview. Hypothetical example: adding a pre-landing page might increase the conversion rate (CR) from 0.8% to 1.2% but lose 30% of traffic.

108. CTR (Click-Through Rate). The percentage of impressions that resulted in a click. Formula: CTR = clicks / impressions. Hypothetical example: 2,000 clicks out of 100,000 impressions = 2%. For organic search, CTR is based on Search Console impressions data.

Block 7. Payments

In Brazil, India and Indonesia, local payment methods are now the most common way to make a deposit, and chargebacks and mules are the biggest challenge for payment teams.

109. PSP (Payment Service Provider). An intermediary that takes deposits and makes payments via cards, e-wallets, and local payment methods, charging a fee per transaction. Hypothetical example: 2.5% + €0.20 = €2.70 on a €100 deposit.

110. Cashier / Payment orchestration. The cashier is the component that handles funds going in and out; orchestration is the layer that routes transactions through different payment service providers (PSPs) by payment method, country, and each PSP’s approval rate. Hypothetical example: Switching Brazil to a second PSP took the approval rate from 82% to 90%.

111. Pix (Brazil). For Brazilian operators, the primary method for depositing and withdrawing funds is Pix, the Banco Central do Brasil’s instant payment system; its transactions are authorized and completed 24 hours a day. Example: in 2025, there were 79.8 billion transactions, totaling R$35.36 trillion, a 25.7% increase in the number of transactions [18].

112. UPI (Unified Payments Interface, India). India’s national system for instant payments, made through the use of an identifier or a QR code. Example: in September 2026, there were 24.07 billion transactions, totaling ₹29.37 lakh crore, a 23% increase year over year, or an average of 802 million transactions per day [19].

113. QRIS (Indonesia). Bank Indonesia’s unified standard for QR payments. Example: in the first half of 2026, there were 12.55 billion transactions, totaling IDR 600.69 trillion, growth of 100% and 89.5% respectively, as well as 66 million users and 44.86 million merchants [20].

114. Open banking / A2A (account-to-account payments). A bank transfer via a bank’s API that moves money directly between bank accounts. Because there is no card involved, these payments are confirmed more quickly and are at reduced risk of being disputed. Hypothetical example: a fee of 0.5% compared with 2.5% for a card payment on a €100 deposit — a saving of €2.

115. Chargeback. When a transaction is disputed with the issuing bank by the cardholder. The merchant loses the money, pays a fee to the scheme and risks losing the affiliate commission, known as a clawback. Hypothetical example: a chargeback of €200 plus a €25 fee.

116. Chargeback ratio. The total number of chargebacks as a percentage of the total number of transactions for that month; schemes may penalize merchants if the ratio exceeds a given threshold. Formula: Ratio = chargebacks / transactions. Hypothetical example: 50 chargebacks in 10,000 transactions = 0.5%.

117. Approval rate / Acceptance rate (percentage of approved transactions). The percentage of deposit attempts that were successful. Formula: Approval = successful / total attempts. Hypothetical example: 8,500 out of 10,000 — 85%; every 5 percentage points per €1 million in attempts represents €50,000 in deposits.

118. Mule account (drop account). An account registered under a front person to launder other people’s money; an indication of money laundering and bonus abuse. Operators are required to identify such accounts as part of AML procedures. Hypothetical example: 20 accounts from a single device and a single card — a classic red flag.

119. Payout speed / Instant withdrawals. The time it takes between a player’s withdrawal request and the funds being available in their account; using instant payment methods (Pix, UPI, open banking), this takes only minutes. Hypothetical example: a median of 15 minutes, compared with 2 business days using a card. Payout speed is one of the key metrics in affiliate rankings.

120. Crypto payments / Stablecoins. Making deposits and withdrawals using cryptocurrency, most commonly stablecoins pegged to the US dollar. In regulated markets, crypto payments are either unavailable or restricted by KYC and AML rules. Hypothetical example: a deposit of 100 USDT is subject to a network fee of $1, compared with a 2.5% fee when using a card.

Index of Terms

Table 2. Alphabetical index of 120 terms. Blocks: 1 — Finance, 2 — Affiliate, 3 — Product, 4 — Betting, 5 — Regulation, 6 — Marketing, 7 — Payments.

Methodology

As of October 30, 2026, this list of terms has been compiled. Terms were included based on whether they appeared in affiliate program agreements, in public company financial statements, or in regulatory documents. The formulas are given in the simplified form commonly used in industry reporting; the composition of deductions from NGR may be unique to a specific operator, so check the definition in the contract. Examples marked “hypothetical example” are calculations of 15M based on fictional figures and do not describe any specific company. Actual figures have been cited with a source number; Track360 benchmarks are estimations based on a non-random sampling of its platform, as disclosed by the company itself. Hold of DraftKings is a 15M calculation based on revenue and Sports Consumer Volume; the company does not disclose this metric. Currencies are retained as in the sources: pounds for the UKGC, euros for Better Collective and FDJ United, U.S. dollars for DraftKings and Track360, and Canadian dollars for Alberta. Lastly, the terms “cloaking,” “mirror site,” and “mule account” have been described as phenomena, with no guidance on how to execute them.

Sources

1. Deloitte, “Gambling duties” (Autumn Budget 2025) — RGD 21% → 40% effective April 1, 2026; GBD 25% effective April 1, 2027. https://taxscape.deloitte.com/measures-autumn-budget-2025/gambling-duties.aspx
2. CMS, “Autumn Budget 2025 – gambling duties – ‘in-person’ good, ‘remote’ bad”, November 27, 2025 — betting rules and exceptions for horse races. https://cms.law/en/gbr/legal-updates/autumn-budget-2025-gambling-duties-in-person-good-remote-bad
3. FDJ United Affiliates, “Terms and Conditions (Global)”, March 2026 — Net Revenue with 35% administration fee, NDC, negative carryover, €100 threshold, last-click. https://static.fdjunitedaffiliates.com/wp-content/uploads/2026/03/04180342/Global-TCs-March-2026.pdf