Earnings can be wildly variable in the high-risk and poorly understood world of iGaming affiliate marketing. One affiliate may earn a few hundred dollars a month, while another may earn millions on a single player.
Recently, on the Peaky Ads podcast, iGaming growth strategist Alanas Ivšinas appeared to dispel how both extremes are achievable—and, more importantly, how affiliates can set themselves up for success.
Here we will break down his journey to lucrative affiliate collaborations, including how a single operator brought in more than $4 million in net gaming revenue (NGR) via a hybrid deal.
Understanding the landscape of iGaming affiliate marketing
The terrain is more complex and competitive than ever for anyone entering the iGaming affiliate market in 2025. Alanas said the affiliate space has matured significantly over the past decade.
“There was a time when you could launch Facebook traffic in any country without cloaking or even worrying about GDPR. That world is long gone.” Alanas explains.
| Trend | Explanation |
| Market consolidation | Larger affiliates are buying smaller ones, making independent entry more difficult. |
| Localization over globalization | Country-specific domains (e.g., .lt, .lv) have better SEO traction in localized markets. |
| Regulatory pressure | Stricter compliance is now the norm, especially around onboarding and KYC requirements. |
| AI as a support tool | AI is not replacing affiliates but supporting content production and research. |
| Sweepstakes revival | Sweepstakes models are making a comeback, especially in grey or crypto markets. |
| SEO dominance | Despite changes, SEO remains king, particularly in regulated and Tier-1 markets. |
These trends have created a bifurcation in affiliate success: well-resourced affiliates scale, while small players struggle to enter without a deep focus on niche markets and creative deal-making.
Evaluating the right offer: metrics that matter
Whether you’re promoting a sports betting app or an online casino, not all affiliate offers are equal. Alanas emphasized that too many affiliates accept subpar terms, especially when they don’t know what to ask for.
“Ask for brand-specific statistics. Don’t rely on network averages. One brand might convert 5x better than the others, but you’ll never know unless you ask,” highlights Alanas Ivšinas.
Key metrics to evaluate affiliate offers
- Conversion Rate (CR).
How many registrations become depositing players? - Net Gaming Revenue (NGR).
How much are your referred players generating? - Negative Carryover Policies.
Does the brand zero out your earnings after a losing month? - Bundled vs. Isolated Brands.
Are your earnings spread across weak-performing brands? - Payment Reliability.
How consistently and quickly does the brand pay?
What makes a bad brand?
Alanas stressed that while affiliate networks may promise sky-high commissions, some brands cannot deliver them when it matters.
Characteristics of bad brands
- Poor tracking systems
- Delayed or missed payments
- Inflated promises without proof
- Weak customer support for players
- Lack of transparency on traffic performance
“Brands that don’t invest in infrastructure or fail to honor terms erode affiliate trust—and ultimately burn the relationship,” he added.
CPA, RevShare, or Hybrid: Which commission model wins?
Choosing between CPA (Cost Per Acquisition), RevShare, or Hybrid deals is one of the most crucial decisions an affiliate can make. Alanas advised matching the commission structure with the nature of your traffic.
| Model | Ideal For | Advantages | Drawbacks |
| CPA | PPC & Influencer Traffic | Immediate payout, predictable ROI | No long-term revenue |
| RevShare | SEO or Loyalty-Based Traffic | Higher LTV over time | Takes time to scale |
| Hybrid | Mixed or Uncertain Traffic | Blends immediate cash and LTV | Negotiation-intensive |
“Hybrid models make the most sense when you want to hedge your risk but also believe in your traffic’s long-term value,” says Alanas.
From zero to $4 million: Hybrid model case study
The most compelling story from the podcast is how a single player generated over $4 million in NGR. Here’s a condensed timeline of how it unfolded!
The funnel breakdown
- Traffic type.
SEO targeting crypto and sports keywords. - Initial setup.
Site ranking for crypto sports betting in emerging markets. - Deal structure.
$150 CPA + 40% RevShare, no admin fees. - Player acquisition.
A single user from Vietnam deposited over $9 million in 9 months. - Affiliate earnings.
More than $2 million earned on a 40% RevShare structure.
“We didn’t know then that this one player would change the entire revenue model for us. But we negotiated hard to ensure the upside was ours to keep.” Alanas says.
This success wouldn’t have been possible with a flat CPA deal, proving the immense upside of hybrid models when managed well.
Negotiation: the art that affiliates must master
Data from Affiliate Insider reveals that only 12% of affiliates negotiate their terms, but those who do can see a 20–40% increase in earnings.
Alanas broke it down into clear steps to negotiate a better affiliate deal:
- Bring data to the table.
Show CTRs, bounce rates, conversions, and audience profiles. - Request custom terms.
Don’t accept boilerplate contracts. - Leverage KPIs.
Offer NGR-based bonuses or position-based incentives. - Be transparent.
Declare test deposits and outline your expectations. - Be flexible.
Offer trial placements or phased onboarding.
“Affiliate managers are more likely to work with you if they believe you’re building a long-term business, not just a campaign,” highlights Alanas.
SEO vs. PPC: Which gets better deals?
Affiliate managers value SEO traffic more highly than PPC, due to its perceived stability, loyalty, and cost efficiency.
SEO vs PPC offer comparison
| Factor | SEO traffic | PPC traffic |
| Trust Factor | High | Variable |
| Churn Rate | 30% lower | Higher |
| Payment Structure | RevShare / Hybrid | CPA with caps |
| Fraud Risk | Low | Higher |
| Traffic Volume | Medium | High (but volatile) |
This difference means PPC affiliates often face CPA caps, risk clauses, or limited brand selection. In contrast, SEO affiliates can often secure lifetime RevShare and build compounding monthly income.
Pitfalls and traps: how to avoid them?
Even experienced affiliates fall into traps hidden in contracts and fine print.
Common red flags in affiliate agreements:
- Negative carryover.
Wipes out future RevShare after a single high win. - High baselines.
Payout only begins after hitting 20+ FTDs. - No source reporting.
You can’t optimize without knowing what’s working. - Delayed payments.
Watch for patterns in delayed wires or unclear processing. - Lack of transparency.
Avoid brands that won’t clarify terms.
“Always ask the uncomfortable questions upfront. You’re not being rude — you’re protecting your business,” says Alanas.
Future outlook: What’s next for affiliate deals?
The iGaming world is moving toward stricter compliance, diversified traffic sources, and more creative deal structures. Alanas noted several future-facing trends.
Upcoming trends of 2025 and beyond:
- More compliance documentation.
Especially in regulated markets. - Growth of Crypto brands.
Aggressive CPAs, higher volatility. - Influencer marketing.
TikTok affiliate campaigns up 73% YoY (Insider Intelligence, 2024). - Agency-style affiliate models.
Transparent cost-per-lead or cost-per-sale partnerships.
“We’ll see affiliates operate more like mini media agencies — with budgets, KPIs, and accountability,” says Alanas.
Conclusion
The difference between a mediocre affiliate career and a million-dollar one often comes down to the ability to negotiate, to think long-term, and to build meaningful relationships.
Whether you’re a fresh affiliate or a seasoned veteran, Alanas’ core advice remains:
Negotiate, test, measure — and above all, never settle.The upside is enormous for those willing to treat affiliate marketing as a business, not just a side hustle. Don’t hesitate to cooperate with the Peaky Ads team; your marketing efforts will take off to the moon!
