Definition
Registration-to-Deposit conversion (Reg2Dep) is the percentage of newly registered players who go on to make a first successful deposit. It is the single most important acquisition-funnel metric for an iGaming operator: it converts marketing traffic into paying players.
Formula
Reg2Dep % = First-Time Depositors ÷ New Registrations
First-Time Depositors — count of distinct players whose first deposit attempt in the period completed successfully (only successful transactions count). New Registrations — count of completed registrations in the same cohort window.
A companion metric, Reg2Try, counts players who attempted a first deposit (including failed attempts): Reg2Try % = First Deposit Attempts ÷ Registrations. The pair is what makes the metric diagnostic rather than descriptive.
How operators use it
| Observed pattern | Possible cause | Next check |
|---|---|---|
| Low Reg2Try | Players do not reach a payment attempt | Onboarding, eligibility, offer clarity and event tracking |
| High Reg2Try, low Reg2Dep | Attempts fail or are abandoned | Approval, decline codes, method coverage and authentication |
| Source-level divergence | Traffic intent or funnel mismatch | Compare identical observation windows and market/control states |
Reg2Dep is the checkpoint between marketing and product. Operators track it per acquisition source, because a channel that delivers cheap registrations with poor Reg2Dep simply scales junk — the fix is to reallocate budget by deposit conversion, not by cost per registration.
Splitting Reg2Dep with Reg2Try narrows the investigation. High Reg2Try with low Reg2Dep can point toward payment eligibility, authentication, provider, issuer, risk, input or measurement issues; low Reg2Try can point toward onboarding, intent, consent, verification, eligibility or event-tracking changes. These are hypotheses, not diagnoses, until step-level evidence and comparable cohorts confirm them.
Reg2Dep is sensitive to compliance design, but compliance is a constraint rather than a conversion lever. Record each approved verification stage and compare like-for-like cohorts; never move KYC later solely to increase Reg2Dep.
Common misinterpretations
The classic error is treating Reg2Dep and Reg2Try as interchangeable, which hides whether the leak is before or inside the cashier. The second error is optimizing click-to-registration in isolation: it is easy to inflate registrations with aggressive creatives that never deposit, making Reg2Dep look worse while the real problem is upstream traffic quality. Always read Reg2Dep alongside the full funnel — click → visit → registration → deposit attempt → successful deposit — rather than as a standalone number.
Related metrics: Click-to-Registration · First-Time Deposit (FTD) · Payment Approval Rate · Second Deposit Conversion · GGR and NGR
Common questions
What is a good registration-to-deposit conversion rate?
There is no defensible universal 25–40% range. Reg2Dep changes with traffic source, market tier, registration definition, KYC timing, payment eligibility and observation window. Establish a comparable cohort baseline, split Reg2Try from successful deposits, and investigate deviations by source and method.
Why is my Reg2Dep low even though players open the cashier?
If deposit attempts are high but successful deposits are low, the problem is payments, not onboarding: low approval rates on a key method, a missing local payment option, or 3-D Secure drop-off. Compare Reg2Try (attempts) with Reg2Dep (successes) to locate the leak.
Should KYC happen before the first deposit?
KYC timing must follow the applicable law, licence, AML risk model and payment requirements. It must not be delayed merely to improve conversion. Measure the funnel within the approved control design and report verification stages explicitly when comparing cohorts.