CPM is the cost to deliver 1,000 ad impressions and is the base auction currency for almost every paid iGaming media buy.
Cost Per Mille (CPM)
**TL;DR:** CPM is the cost to deliver 1,000 ad impressions and is the base auction currency for almost every paid iGaming media buy.
What it means
Even when iGaming operators are buying on a CPC or CPA-equivalent objective, the underlying auction (Meta, Google, TikTok, programmatic) clears on CPM. Understanding CPM tells you why a channel is expensive: it could be auction pressure from competing operators in a regulated state, audience scarcity (e.g. 21+ male sports fans in NJ), or creative quality penalties.
CPM is also how PR, sponsorship, and influencer deals are priced and compared. A €40,000 jersey sponsorship reaching 12M impressions per matchday is a different unit economic than a €40,000 streamer integration delivering 600k views.
Formula / How it's measured
CPM = (Spend / Impressions) × 1,000.
Example: a casino brand spends $18,000 on TikTok and receives 4,200,000 impressions. CPM = ($18,000 / 4,200,000) × 1,000 = $4.29. The same brand pays $90,000 to a Twitch streamer for content viewed 1.2M times = $75 CPM.
Why it matters for operators
CPM tracks media inflation. When new states regulate (e.g. a US state going live) CPMs spike 3–5× as DraftKings, FanDuel, BetMGM crowd the auction. Forecasting CPM trends informs launch budgets, brand vs performance splits, and whether to lean into SEO/affiliate during peak-CPM windows.
Common benchmarks (2026)
- Meta, LATAM sportsbook: $2–$6
- Meta, EU regulated casino: $8–$18
- Google YouTube, US sportsbook (NFL season): $25–$60
- Programmatic display, iGaming whitelist: $3–$9
- TV (linear), US sports: $35–$80
- Streamer/influencer integrations: $20–$120
Common mistakes
- Chasing low-CPM inventory that never converts (cheap impressions on irrelevant placements)
- Not seasonalising CPM forecasts around major sport events
- Ignoring frequency caps — high CPM on the same 50k people is wasted reach
See also