Hey everyone,
I’m Alex, and I wanted to share an in-depth case study for those interested in the iGaming vertical. Whether you're experienced or just starting out, this example proves that with the right traffic source, optimized bidding strategy, and consistent testing, you can generate solid five-figure profits even in "competitive" GEOs like Portugal.
Let’s get right into it.
Most affiliates shy away from big iGaming brands assuming they’re oversaturated. But from my experience, even the most recognizable platforms offer hidden goldmines if you can pinpoint the right offer, GEO, and audience.
I chose an offer from a top-tier brand paying $220 per first-time deposit. My GEO? Portugal — a growing market with a strong online gaming culture. Research showed iGaming revenue in the region exceeded €160 million recently, making it ideal for testing.
I went with Popunder mobile traffic—simple, scalable, and historically effective for gambling offers. The flow was direct: traffic landed on the platform's homepage where the registration form is prominently featured.
I didn’t bother with complex pre-landers this time. Since the brand was already well-known in Portugal, I kept the funnel straightforward. Users who knew the brand were more likely to convert without needing extra convincing.
Since Pop ads can’t track clicks, I used placement IDs and click IDs to evaluate the traffic sources. I blacklisted any placement spending $6–$8 without conversions. This helped trim waste and boost efficiency.
For well-performing placements, I increased bids individually using the custom bid tool to drive more volume from quality sources. This led to 97 registrations and 23 deposits.
After identifying tablets as a small but valuable segment, I expanded device targeting accordingly.
Post-optimization, I uncovered an important insight: iOS users in Portugal had significantly higher average player values—up to $600 per depositor. Armed with this data, I approached my affiliate manager and negotiated an increased payout to $320 per deposit for iOS traffic.
Here’s the second campaign breakdown:
I launched this campaign targeting only iOS Portugal users, separating it from my main campaign to avoid self-competition. The bid was increased slightly to $1.2 CPM, and I kept tablet traffic enabled.
Results? 16 registrations and 9 deposits—with just 3 of them generating over $25,000 in revenue for the brand, according to my platform’s reporting.
Between the two campaigns, I spent $3,081 and earned $8,210, resulting in a total profit of $4,859 and an average ROI over 160%.
If you're looking to scale in the iGaming vertical, Portugal is a hot market right now. Pair it with solid Popunder traffic, a direct funnel, and clear tracking — and you could be looking at your own five-figure success.
Hope this breakdown gave you some ideas for your own campaigns. Happy optimizing, and feel free to share your thoughts or similar case studies!
I’m Alex, and I wanted to share an in-depth case study for those interested in the iGaming vertical. Whether you're experienced or just starting out, this example proves that with the right traffic source, optimized bidding strategy, and consistent testing, you can generate solid five-figure profits even in "competitive" GEOs like Portugal.
Let’s get right into it.
The Challenge
Most affiliates shy away from big iGaming brands assuming they’re oversaturated. But from my experience, even the most recognizable platforms offer hidden goldmines if you can pinpoint the right offer, GEO, and audience.
I chose an offer from a top-tier brand paying $220 per first-time deposit. My GEO? Portugal — a growing market with a strong online gaming culture. Research showed iGaming revenue in the region exceeded €160 million recently, making it ideal for testing.
First Campaign Overview
- Offer: iGaming (CPA per deposit)
- Traffic Source: Mobile Popunder (CPM model)
- Platform: Adsterra
- GEO: Portugal
- Payout per Conversion: $220
- Spend: $1,839
- Revenue: $5,060
- Profit: $3,221
- ROI: 175.15%
I went with Popunder mobile traffic—simple, scalable, and historically effective for gambling offers. The flow was direct: traffic landed on the platform's homepage where the registration form is prominently featured.
I didn’t bother with complex pre-landers this time. Since the brand was already well-known in Portugal, I kept the funnel straightforward. Users who knew the brand were more likely to convert without needing extra convincing.
Bidding & Optimization Strategy
- Initial Bid: $1 CPM (based on traffic estimator & manager recommendation)
- Cap: $150/day to control risk
- Tracking Tool: Keitaro (to monitor placement IDs and conversions)
Since Pop ads can’t track clicks, I used placement IDs and click IDs to evaluate the traffic sources. I blacklisted any placement spending $6–$8 without conversions. This helped trim waste and boost efficiency.
For well-performing placements, I increased bids individually using the custom bid tool to drive more volume from quality sources. This led to 97 registrations and 23 deposits.
After identifying tablets as a small but valuable segment, I expanded device targeting accordingly.
Second Campaign – Scaling with iOS Focus
Post-optimization, I uncovered an important insight: iOS users in Portugal had significantly higher average player values—up to $600 per depositor. Armed with this data, I approached my affiliate manager and negotiated an increased payout to $320 per deposit for iOS traffic.
Here’s the second campaign breakdown:
- Offer: iGaming (CPA per deposit)
- Traffic Source: iOS-only Popunder traffic
- Platform: Adsterra
- Payout per Conversion: $320
- Spend: $1,242
- Revenue: $3,150
- Profit: $1,638
- ROI: 153.62%
I launched this campaign targeting only iOS Portugal users, separating it from my main campaign to avoid self-competition. The bid was increased slightly to $1.2 CPM, and I kept tablet traffic enabled.
Results? 16 registrations and 9 deposits—with just 3 of them generating over $25,000 in revenue for the brand, according to my platform’s reporting.
Key Learnings
- Popunder traffic is far from dead — it still works exceptionally well for iGaming, especially with mobile devices.
- Don’t ignore familiar brands — even saturated markets have room for profit if you optimize placements and user flow.
- Leverage your account manager — they can provide key intel and help you negotiate higher payouts when you prove your value.
- Segment your campaigns — targeting iOS users separately helped avoid dilution of ROI and maximized high-value conversions.
- Track everything — even without click data, using placement IDs helped me double down on what worked.
Final Thoughts
Between the two campaigns, I spent $3,081 and earned $8,210, resulting in a total profit of $4,859 and an average ROI over 160%.
If you're looking to scale in the iGaming vertical, Portugal is a hot market right now. Pair it with solid Popunder traffic, a direct funnel, and clear tracking — and you could be looking at your own five-figure success.
Hope this breakdown gave you some ideas for your own campaigns. Happy optimizing, and feel free to share your thoughts or similar case studies!