How to calculate true CAC in iGaming: build the numerator, track when it loads, diagnose high CAC

On a 1 000-FTD UK casino cohort, the performance dashboard shows £228 per qualified depositor — media plus affiliate CPA in the numerator only. Add welcome promo, payment fees, sponsorship share, and safer-gambling allocation on public UK ratios, and true CAC rises to about £454. LTV:CAC moves from 3.9:1 on headline C…