NGR (Net Gaming Revenue)

NGR is the metric most operators emphasize in earnings releases as the headline revenue measure. The deduction from GGR for bonus costs is the largest adjustment in most operator definitions, capturing the real cost of promotional activity. Some operators also deduct gaming duty contributions, certain regulatory fees, and other defined items. The exact definition varies by operator, which is why the GGR-to-NGR bridge in earnings releases gets close scrutiny. NGR is the basis for many internal performance management calculations. Marketing return-on-investment, segment profitability analysis, channel-level economics, and most management reporting use NGR rather than GGR. The metric is closer to the operator's actual commercial revenue (what flows to the P&L below the line). Cross-operator NGR comparisons require care because of definitional variations; trade publications and analyst reports typically harmonize where possible but caveat residual differences.