How each funnel stage is measured
The conversion rate of a betting funnel is measured stage by stage, dividing the number of users who advanced to the next stage by the number of users at the stage before it:
Conversion rate = (users at next stage ÷ users at prior stage) × 100
An illustrative example with round numbers: of 10,000 visitors who land on the site in a month, 2,500 complete registration (25% visitor-to-registration conversion). Of those 2,500 sign-ups, 900 complete KYC and make a first deposit, the FTD (36% registration-to-FTD conversion). Of those 900 FTDs, 400 deposit again within 30 days and become recurring players (44% FTD-to-recurring conversion).
Each of these rates in isolation says little. The value comes from comparing the same stage over time, across acquisition channels, or between campaigns — a drop in registration-to-FTD conversion from one month to the next usually points to new friction somewhere in the flow, not to a change in player behavior. Understanding where in the funnel a channel underperforms is what separates a channel that looks cheap on cost-per-click from one that's actually cheap on cost-per-depositor — the two numbers frequently disagree.
Where does a Brazilian betting funnel leak the most?
The two sharpest drop-offs in Brazil-facing operations tend to happen at KYC and at PIX (Brazil's instant bank-transfer rail) payment confirmation. At KYC, players abandon registration when identity verification requires document and selfie upload inside a long flow, or when approval takes hours instead of minutes — the player loses interest before ever getting to deposit. At PIX confirmation, the leak happens when the QR code expires before the player finishes paying inside their bank's app, or when deposit confirmation inside the PAM lags after the PIX has already cleared, causing abandonment even though the money has already left the player's account.
Together, these two points usually account for the largest share of loss between registration and FTD — more than any offer or bonus factor.
Funnel table with typical readings
| Stage | Transition | Typical reading |
|---|---|---|
| Visitor → Registration | Interest converted into a created account | A sharp drop signals a landing page or offer misaligned with the channel |
| Registration → FTD | Created account converted into a confirmed deposit | A sharp drop here is usually KYC or payment friction (PIX) |
| FTD → Recurring | First deposit converted into a second deposit | A sharp drop signals product, post-deposit onboarding or a poorly calibrated welcome offer |
The registration-to-FTD stage is what most determines a channel's effective depositor CAC, because it's where most of the "paid-for" users are lost before generating any revenue at all.