Free Online Casino Valuation Calculator
Get an instant indicative value for an online casino or sportsbook. Enter trailing 12-month NGR and EBITDA, choose the licence, and answer four questions about the business. The calculator shows the multiples it uses and what moves them. For a figure a buyer will pay against, request a broker valuation.
Online casino valuation calculator
An instant indicative value for an online casino or sportsbook, from trailing 12-month NGR and EBITDA, adjusted for licence, trend and business quality.
NGR multiple
Two methods
| Method | Multiple | Low | Mid | High |
|---|
Licence and deal structure
Regulatory positions change. Verify the current rules with the regulator or a lawyer before relying on them.
Want the figure a buyer would actually pay? We value casinos and sportsbooks against comparable closed iGaming deals, after checking NGR against platform reports and bank statements. You get a written summary within 48 hours, with no obligation to sell.
Indicative only, based on the figures you enter and published multiple bands. It is not a valuation, an offer or financial advice. Values are enterprise values on a cash-free, debt-free basis, before player balances, tax and other liabilities.
Get a broker valuation
We value online casinos and sportsbooks against comparable closed iGaming transactions, after checking your NGR against platform reports and bank statements. You get a written summary within 48 hours, covering the likely price range, what would move it, and the buyer profiles most likely to pay it. There is no obligation to sell, and everything you send is kept confidential.
Valuing an affiliate site instead? Use the casino affiliate earnings and value estimator. Ready to sell? See how selling with us works.
How the calculator values an online casino
Buyers of online casinos and sportsbooks price on the last 12 months of verified results. The calculator uses the two methods buyers rely on most, then sets the position in each band from four quality factors.
Method 1: NGR multiple by licence
Value = trailing 12-month NGR × licence multiple
The licence sets the band, because it decides which buyers can take the business on, which markets it can serve, and how easily it changes hands.
| Licence | Multiple of annual NGR |
|---|---|
| UKGC | 3.0×–5.0× |
| MGA | 2.5×–4.5× |
| Sweden (Spelinspektionen) | 3.0×–5.0× |
| Curaçao | 1.5×–3.0× |
| Anjouan | 1.0×–2.5× |
| Other national licence, or none | Case by case |
Method 2: EBITDA multiple
Value = trailing 12-month EBITDA × 4.0×–8.0×
EBITDA is what the business earns after marketing, platform and payment fees, gaming taxes and staff. It is the better guide when margins are thin, because a high NGR multiple assumes the revenue turns into profit.
Why the calculator uses both
When you enter EBITDA, the headline figure is the average of the two methods. When the NGR method comes out far above the EBITDA method, the calculator flags it. That gap usually means the margin is too low to support the NGR multiple, and buyers will lean towards the EBITDA figure. A loss-making business is valued on NGR only, and buyers then price in the cost of making it profitable.
Where in the band
| Factor | Moves the value up | Moves the value down |
|---|---|---|
| NGR trend | NGR up more than 20% on the previous 12 months | NGR falling |
| VIP concentration | Top 10 players under 20% of NGR | Top 10 players over 40% of NGR: losing two or three players changes the business |
| Player acquisition | Mostly owned channels: SEO, brand, CRM | Mostly paid media or affiliates, which the buyer has to keep paying for |
| Platform | Own platform, or turnkey on its own licence | White label on the provider's licence, with provider consent needed to sell |
Worked example
| Input | Value |
|---|---|
| Licence | MGA |
| Trailing 12-month NGR | €1,000,000 |
| Trailing 12-month EBITDA | €250,000 (25% margin) |
| NGR trend | Up 0–20% |
| Top 10 players | 20–40% of NGR |
| Acquisition | Mix of owned and paid |
| Platform | White label |
| Method | Multiple | Low | Mid | High |
|---|---|---|---|---|
| NGR × multiple | 3.1×–3.9× | €3,100,000 | €3,500,000 | €3,900,000 |
| EBITDA × multiple | 5.2×–6.8× | €1,300,000 | €1,500,000 | €1,700,000 |
| Average | €2,200,000 | €2,500,000 | €2,800,000 |
Growing NGR and a white label platform roughly cancel out, so the business sits mid-band. The calculator flags the gap between the two methods: at a 25% margin, a buyer would push the price towards the EBITDA figure.
Asset deal or share deal
- Asset deal: the buyer takes the brand, domain and player database and runs them under its own licence. No licence premium applies. The buyer needs its own licence, platform and payment providers in place, and players are migrated under data-protection rules.
- Share deal: the buyer acquires the licensed company. The licence stays with the company, but a change of control needs the regulator's approval. A licensed MGA company can add a premium of €150,000–€300,000, and a UKGC company £200,000–£400,000.
- White label: the licence belongs to the platform provider. Selling usually needs the provider's consent and a new agreement between the provider and the buyer.
Licence transfers, change-of-control approvals and tax treatment differ by jurisdiction and change over time. Confirm the current position with a lawyer and tax adviser before agreeing a structure.
What moves the price in due diligence
A calculator takes your figures as given. A buyer will not. These are the points that most often change the price after an offer:
- NGR reconciliation: reported NGR checked against platform reports and bank or payment statements.
- Bonus cost and NGR definition: whether bonuses, gaming taxes and provider fees are deducted the same way the buyer would deduct them.
- Player liabilities: player balances, pending withdrawals and jackpot liabilities that travel with the business.
- Payments: which providers can be transferred, chargeback rates, and any rolling reserves held.
- KYC and AML: whether a working programme exists and whether any gaps would stop a regulated buyer.
- Market exposure: revenue from markets the licence does not cover, or where rules are tightening.
- Contracts: platform, game-provider and affiliate agreements, especially notice periods and change-of-control terms.
See how we check a listing on our methodology page and our due diligence service.
Terms used in the calculator
- GGR (gross gaming revenue)
- Total player stakes minus winnings paid out.
- NGR (net gaming revenue)
- GGR minus bonuses and, depending on the operator, gaming taxes and provider fees. Ask how NGR is defined before comparing two businesses.
- EBITDA
- Earnings before interest, tax, depreciation and amortisation: operating profit before non-cash and financing items.
- Enterprise value
- The value of the business on a cash-free, debt-free basis. Player balances, debt and other liabilities are settled separately in the sale price.
- Change of control
- A change in who owns or controls a licensed company. Most regulators must approve it before completion.
- White label
- A casino brand that runs on a provider's platform and under the provider's licence.
- Turnkey
- A casino that uses a provider's platform but holds its own licence.
Frequently asked questions
How much is my online casino worth?
Most online casinos are valued at a multiple of trailing 12-month NGR, set by the licence, and cross-checked against a multiple of EBITDA. The NGR multiple ranges from 1.0× for Anjouan to 5.0× for UKGC and Swedish licences, and the EBITDA multiple from 4.0× to 8.0×. Growth, VIP concentration, acquisition channels and platform set the position in each band.
What multiple do online casinos sell for?
By licence, the bands are 3.0×–5.0× annual NGR for UKGC and Sweden, 2.5×–4.5× for MGA, 1.5×–3.0× for Curaçao and 1.0×–2.5× for Anjouan. On profit, online casinos are valued at 4.0×–8.0× annual EBITDA. Businesses with other national licences, or none, are priced case by case.
Should a casino be valued on NGR or EBITDA?
Both. The NGR multiple reflects the licence and the size of the revenue base. The EBITDA multiple reflects what the business actually earns. When margins are thin, buyers lean towards the EBITDA figure. A loss-making casino is valued on NGR, and buyers price in the cost of making it profitable.
Does the gaming licence transfer when a casino is sold?
Not in an asset deal: the buyer runs the brand and player database under its own licence. In a share deal the licence stays with the company, but the regulator must approve the change of control. Requirements differ by jurisdiction and change over time, so confirm them with a lawyer before agreeing a structure.
Can I sell a white label casino?
Yes. The licence belongs to the platform provider, so a sale usually needs the provider's consent and a new agreement between the provider and the buyer. White label casinos typically sit lower in their band than casinos on their own platform or licence.
How accurate is the calculator?
It gives an indicative range based only on the figures you enter and published multiple bands. It is not a valuation. A price a buyer will pay against needs verified NGR, a review of liabilities and contracts, and a comparison with closed transactions.
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