Affiliates and acquisition

CAC: what it costs to acquire one player

CAC (Customer Acquisition Cost) is all acquisition spend divided by the number of new depositing players for the same period. Spend includes CPA and advertising, first deposit bonuses, RevShare for the first months and the team's work, which is why CAC is almost always higher than CPA.

Yevhen SychovOctober 2026

Formula and example

CAC = all acquisition spend for the period / new depositing players for the periodFor example, an affiliate on a hybrid deal brought in 200 players with a first deposit. Total spend on them was €28,000: CAC is €140 per player.
Spend on 200 playersAmount
CPA, €100 per player€20,000
RevShare for the first three months€2,000
First deposit bonuses that became real money€3,000
The team's work on the channel€3,000
Total€28,000

New depositing players are the FTDs for the same period and from the same sources as the spend.

CAC vs CPA

CPA is the price of a player in the contract with one affiliate. CAC is everything the casino spent on new players, across every cost line. In the example, a player costs €100 under the contract, but €140 in reality.

Calculate CAC for each channel: affiliates, media buying, organic. A blended CAC that includes organic looks cheaper and hides an expensive channel. For advertising, look at ROAS alongside it.

What to compare it with

CAC is compared with the player's contribution margin. Bonuses and RevShare are already deducted in it, so only CPA and the team are set against it: €23,000 / 200 = €115 per player. Each cost line goes into the calculation once.

For example, the cohort's contribution margin per player is €90 by day 60 and €120 by day 90: acquisition paid back in the third month. That is the payback period. It also helps to look in steps: the player's contribution margin after the 1st, 2nd and up to the 5th deposit against the same €115. The CAC ceiling is set by the channel's LTV.

Common mistakes

  • Dividing by registrations. A registration without a deposit brings in no money, and CAC comes out several times lower than the real figure.
  • Using CPA instead of CAC. Bonuses, RevShare and the team stay out of the calculation, and the channel looks cheaper than it is.
  • Comparing with deposits. On deposits, any channel pays back on paper. Compare with contribution margin: that is the money that stays with the casino.
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