EBITDA

EBITDA is the standard profitability measure for both listed operators and suppliers because it strips out capital structure (interest), tax position, and non-cash items (depreciation, amortization), giving a cleaner view of underlying operating performance. In iGaming this matters particularly because the sector has high tax rates that vary dramatically by jurisdiction (UK at 21% on remote gaming duty, Italy and France well above, US states with their own structures), and EBITDA normalizes for that. The relationship between revenue (GGR or NGR) and EBITDA defines operator quality. High-NGR operators with low EBITDA margins are spending heavily on marketing, technology, or compliance, often deliberately during growth phases. Mature operators in stable markets typically run EBITDA margins in the 20% to 35% range, depending on vertical mix and market tax structure. Adjusted EBITDA is the more frequently quoted variant because the sector has so many one-time items, and the reconciliation between EBITDA and Adjusted EBITDA is itself a watched disclosure.