Choosing between CPA, RevShare, and Hybrid is one of the key decisions an affiliate makes when entering a regulated market. In this article, the Tonybet Affiliates team breaks down how your traffic source and target GEO directly determine the optimal working model – based on real cases and commentary from the affiliate program’s team.
Why does the choice of commission model in a regulated market matter more than in the grey market?
In the grey market, the payment model is primarily a question of how quickly you recover your investment. In the white market, the model directly affects how long and how stably the partnership will work. High player LTV, predictable retention, and transparent payouts make RevShare a real long-term asset, but only if the traffic source and target GEO are chosen correctly.
In our special project with G GATE Media, we already covered in detail how CPA, RevShare, Hybrid, and spend-based deals are structured, what drives commission rates, and why unit economics has become a key factor in partner relationships. In this article, we go deeper: breaking down how your traffic source and GEO directly determine the optimal commission model, and why the right choice in a regulated market pays off significantly more than it might seem at the start.
Why analysing your traffic source and GEO before choosing a commission model is a smart strategy – and why it delivers better results
Choosing a payment model is one of the first questions an affiliate asks when entering a regulated market. But in practice, the right answer is impossible to give without understanding two things: where the traffic comes from and which GEO it’s being directed to. These factors determine which model will drive long-term revenue, and which will create financial risks in the very first month.
How your target GEO determines the best payment model:
The same traffic source can deliver very different results across different GEOs. For example, paid social in Ontario underperforms due to a high self-exclusion rate, meaning RevShare carries more risk there than in Spain or Ireland, where retention is stronger. SEO in the Netherlands delivers high-quality traffic with excellent LTV, making RevShare the obvious choice. PPC in Ireland on event-based queries converts quickly, but players may leave after the event, which is why CPA or Hybrid is the more logical choice for this GEO.
A few words on the traffic sources we work with:
"The easiest sources to work with are PPC and SEO on general keywords. Yes, the traffic is competitive and expensive – but it pays off quickly, and we work with it very well. Facebook is a little more complex: it's specific to white market products. There's always a separate conversation needed around KPIs and creative formats. This is an open point for all white market brands, not just us. There are several sources where we look more carefully. One of them is ASO: format and design matter. As a white brand, we cannot and do not want to allow copying of other licensed operators' visual identity. Beyond that – you're welcome. If you have quality traffic and a clear mechanic, we'll find terms that work for both sides."
Beyond the factors mentioned above, audience behaviour and the regulatory specifics of each jurisdiction also play an important role. Together they form a single system where every element influences the final monetisation model. To simplify this choice, we’ve put together an indicative table based on the characteristics of each market across all our active GEOs, regulatory requirements, and real experience working with different traffic sources.
Why can a pure CPA model be costly in the white market?
CPA without quality controls attracts bonus hunters – players who make a deposit to claim a welcome bonus and leave immediately. In a regulated market with high player LTV, this means you’re systematically underearning on every good player you bring in.
Source: Rainmaker Agency, March 2026.
What does it mean?
"Volume doesn't always mean value. It's happened more than once that 100 players from Tier-3 delivered less value than 5–10 players from Tier-1. But even players from the same GEO can vary significantly in quality depending on the traffic source. Two affiliates can bring in the same number of first deposits, yet six months later the difference in revenue generated can be several times over. That's exactly why we're increasingly looking at retention, repeat deposits, NGR, and other player quality metrics by cohort – not just initial conversion."
Conclusion
We recommend not stopping after the first launches, but continuing to study the audience of each specific GEO and not being afraid to revisit your strategy as data accumulates.
The Tonybet Affiliates team is ready to help: discuss your traffic source, find the optimal model for your target GEO, and build a strategy that works not just in the first month, but over the long term. Get in touch, and we’ll start with what you already have.
Reach out to your manager or write us directly: @tonybetaff or send an email to [email protected]
