ARPPU

ARPPU (Average Revenue Per Paying User) is revenue in a period divided by the number of players who actually deposited (or wagered real money) in that period — the paying subset of the audience ARPU averages over.

The distinction matters because iGaming audiences always contain registered non-depositors: bonus-only sign-ups, dormant accounts, players parked mid-KYC. ARPU dilutes revenue across all of them; ARPPU isolates the monetizing base. Comparing the two is itself diagnostic — a widening ARPU/ARPPU gap means registrations are growing faster than conversion to deposit, which usually points at funnel friction or low-quality traffic.

Operators use ARPPU to:

• benchmark depositor value across markets, channels and affiliate campaigns;
• price CPA and hybrid affiliate deals, which pay per depositor;
• calibrate VIP segmentation — gambling revenue is heavily concentrated, so ARPPU should always be read next to a revenue-by-decile view.

Why it matters: ARPPU is the honest unit-economics number for acquisition decisions. A channel with strong FTD volume but weak ARPPU is buying activity, not value — and without ARPPU tracking per source in the platform's reporting layer, that difference stays invisible until the quarter closes.