It is known (yet often ignored) from quantum mechanical or energetic considerations, that the threshold gain of the quasi‐static spaser depends only on the dielectric functions of the metal and the gain material. Here, we derive this result from the purely classical electromagnetic scattering framework. This is of great importance, because electrodynamic modelling is far simpler than quantum mechanical one. The influence of the material dispersion and spaser geometry are clearly separated; the latter influences the threshold gain only indirectly, defining the resonant wavelength. We show that the threshold gain has a minimum as a function of wavelength. A variation of nanoparticle shape, composition, or spasing mode may shift the plasmonic resonance to this optimal wavelength, but it cannot overcome the material‐imposed minimal gain. Furthermore, retardation is included straightforwardly into our framework; and the global spectral gain minimum persists beyond the quasi‐static limit. We illustrate this with two examples of widely used geometries: Silver spheroids and spherical shells embedded in and filled with gain materials.