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Is Investing in Online Gambling Still Viable?

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Photo by Adeolu Eletu on Unsplash

 

It is not hard to realize why many have noticed the online gambling industry when it comes to investments. With growth over 224% in the US, it is hard to miss such a boom. But, many people question if investing in online gambling is still viable or has the train passed for the biggest winners.

The answer mainly depends on if the investor is planning to get rich quick or to establish him or herself in the industry. For the former, regretfully the peak has already passed if doctors and governments are to be trusted.

But, if you want to make a high-quality business that will bring regular growth and pay regular dividends, the so-called iGaming industry is the place to be right now. Even if the growth of the market slows down, it will not stop.

This is because the three main comparative advantages of online gambling will still be present even after people are allowed to visit brick and mortar establishments:

  1. Low regular overhead
  2. Access to global markets
  3. Ensured advantage

And the last point might be the most important if you are a concentrated investor. The superior stability of online gambling compared to regular casinos makes it much easier to plan your business, as well as borrow against the company.

Don’t Expect 2020 to Repeat

Investing now and expecting to triple your investment by this time next year would be very unwise. While substantial growth is possible, some normalization of the curve is to be expected.

By all accounts, a vaccine against the current pandemic is expected to arrive in early 2021, with the effects taking in by the spring of next year. This will mean that fewer people will spend time indoors, thus less time gaming on phones, tablets, and computers.

Still, most of the current user base is expected to remain and new users will join in as the word of mouth spreads globally. This makes a perfect chance for someone, especially if offering niche-specific services, to swoop in and fill that market.

Enough Players for Everybody

There is no territorial competition when it comes to online gambling. With the number of players entering and the demand for online gambling rising, the competition is very fair and very open between casino operators. This makes a very relaxed atmosphere if you are a new investor in the industry. Of course in some markets like Australia the players spend more on average than in markets like Romania so competition there is a bit more saturated.

But, keeping players on your platform as well as standing out will be difficult. Finding modes to increase your offering and improve your services will be crucial if you want to remain relevant and growing.

High-Entry / Low-Maintenance

With some new legislation that will be affecting both Malta and Curacao, the industry will probably become even cleaner. But, the licenses will become more expensive, which may dissuade smaller investors from chipping in.

Namely, the old Curacao license, usually taken out by new operators, will now cost roughly $120.000, which is a steep increase from the $35.000 which was the price so far and will be until January 1st, 2021.

But, for those who have the funds, this is where major expenses end and where income begins. As the costs for operations, security, services, and technical support all scale with the level of business, you will rarely find yourself bleeding funds in any way.

Generally, if you can make an arrangement with game developers for pay-to-play terms, you can have a very secure income with minimal expenses and only a basic payroll staff.

New Curacao License

While still being valued as a license that ensures trust and safety from the operator, Curacao has been seen as the ‘second-best’ for a very long time. This is because the rules for obtaining, as well as oversight, was much more relaxed than for the Malta GC license.

But, with the new deal made between Curacao and the Dutch authorities back in Europe, the value and price of this license will rise quite a bit.

For those who had the papers this year, the ~$85.000 increase won’t be an issue, but it might be for new operators looking to open an online gambling business in 2021.

Malta is the Gold Standard

A license provided by the Malta Gaming Commission is still the golden standard when it comes to online gambling. The rules now planned by Curacao have been enforced in Malta since 2009, and even new players are familiar with the significance of having such a document.

But, for many operators, this type of clearance is not necessary. If you don’t want to market towards EU players and don’t plan on predatory tactics in the first place, you may use the Curacao license and save some money initially.

Later, when you have your business established and your investment relatively secure, you can always take the Malta license as well and try to reel in some bigger whales that are hiding all over the world.

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N1 Partners puts Deputy Head Vlad Chernov in the spotlight in N1 Faces

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Why do some teams scale and grow consistently, while others start losing money as soon as they increase volume — even when working with the same offers and traffic sources? The difference rarely comes down to tools. More often, it’s about how the system is managed: how decisions are made, how responsibility is distributed, and how the team works with partners when performance starts to decline.

In the new episode of N1 Faces, the N1 Partners team introduces Vlad Chernov, Deputy Head of Affiliates. In this interview, Vlad shares how he entered affiliate marketing, what managing a team really means in a fast-moving environment, where money is most often lost during scaling, and what principles help build teams that actually drive growth.

How did you get into affiliate marketing, and when did you realize this was the field you wanted to grow in?

I entered the industry in 2020. Before fully moving into affiliate marketing, I worked in a range of roles — from Customer Support Manager to Operations Director. That gave me a broad understanding of processes, team management, and how the business operates from the inside.

Over time, I became more interested in the affiliate side: how deals are structured, how traffic is driven to casino products, and which sources partners rely on. When the opportunity came to move into affiliate marketing, I quickly realized this was the area where I could develop my skills, work closely with partners, and directly see the impact of my decisions.

What brought you to N1 Partners, and what was the deciding factor?

When I was just starting out in affiliate marketing, I was actively studying the market and consistently following N1 Partners — their positioning, their brands, and the fact that they were always among the top performers. I also paid attention to the team and saw professionals I genuinely wanted to work with and learn from.

The key factors for me were a strong brand portfolio and the flexibility to choose my direction — both in terms of the team and traffic sources. It was also important for me to join a company that values new ideas and supports initiative. I’ve always seen that as a critical part of professional growth.

What’s more challenging in team management: scaling results or developing the team itself?

Scaling results is definitely more challenging.

We operate in a highly dynamic environment where the market changes almost daily. What works today may stop working tomorrow. 

That’s why both we and our partners often find it harder to maintain and grow performance — it requires constant attention to key metrics and the ability to adapt quickly.

At the same time, team development is an ongoing process. We’re continuously looking for ways to streamline workflows, reduce manual tasks, and improve efficiency. We’re also gradually integrating AI into our internal processes to increase both speed and quality.

What qualities define a strong affiliate manager today?

First and foremost — strong communication skills. This is especially critical at the very first touchpoint with a partner. The way you communicate early on often determines whether you’ll even get a response.

Honesty and transparency are just as important. In this industry, building trust is essential because everyone is ultimately working toward shared results.

I would also highlight a deep understanding of analytics. An affiliate manager should go beyond basic metrics like average check or ROAS and understand profitability, traffic quality, and overall campaign efficiency.

And of course — multitasking. It’s unavoidable today. We work with 10+ brands, accept traffic from multiple sources, and constantly test new funnels and hypotheses together with partners.

How does team growth impact the quality of partner relationships, and what’s critical to avoid a drop in service when scaling?

Team growth and the level of expertise among managers form the foundation of everything that follows. We’re very selective in hiring and place a strong emphasis on analytics and understanding traffic sources, as this directly impacts our ability to scale.

As the team grows, processes become just as important as people. It’s essential to have a transparent system in place: clear standards, shared understanding of goals and key metrics, and consistent approaches to working with partners. This ensures stability and maintains service quality even as volumes increase.

At the same time, the level of the team remains critical. Strong specialists set the bar and shape the overall approach. That’s what allows you to scale without losing quality.

What are the most common pitfalls when working with partners, and where do teams usually lose money?

Most losses happen during scaling, when quality starts to drop as volume increases. A typical mistake is choosing the wrong scaling strategy — pushing all ad sets instead of focusing only on those that have already proven performance with strong CTR and EPC on the affiliate side, as well as solid player activity and ROI on the advertiser’s side.

Another key factor is offer selection. Chasing an offer with a 10–15% higher CPA doesn’t always make sense if the conversion rate is lower. In the long run, this directly impacts profitability.

From our side, we focus on selecting offers that perform best in real time for a specific traffic source. We can also provide actual performance proof and help partners secure the most competitive terms available on the market.

How do you build relationships with key partners so they don’t just stay, but grow with you?

I focus on a personalized approach and building trust-based relationships with a long-term perspective.

I’d rather start with a small test, scale gradually, and increase the rate later than run multiple tests and stop working together — even if early results are not ideal. 

We work toward win-win conditions and continuously test new approaches and hypotheses. With the right strategy and offer selection, I’m confident that mutual growth is always achievable.

What helps you stay focused and make decisions under constant pressure?

Prioritization and structured task management are key.

It’s important to assess situations objectively, double-check information, and base decisions on data rather than emotions. Staying calm and focused allows me to work effectively under pressure, adapt quickly, and take responsibility for decisions with confidence.

If you weren’t in iGaming…

I’d likely still be in a related field. One option would be marketing in another industry, where I could apply my experience. Another would be returning to operations, focusing on building and optimizing processes in a high-risk environment.

Either way, I’d want to stay in a fast-paced, high-responsibility environment with challenging tasks — that’s what drives me.

Top-3 Blitz

What mistakes most often prevent affiliate teams from growing?

    1. Choosing the wrong strategy and chasing higher payouts instead of conversion and sustainability.
      Teams often choose offers based on CPA alone, ignoring conversion, even though conversion drives long-term results.
    2. Lack of communication with the manager.
      Teams sometimes stop traffic without notice and draw quick conclusions without investigating deeper. The issue might not be conversion, but something like incorrect postback setup.
  • Mixing traffic from different sources without proper segmentation.
    These flows need to be agreed upon and segmented to maintain quality and properly analyze performance. 

What do you look at first when evaluating a partner?

  1. Audience fit and traffic quality.
    The traffic must match our target audience and meet internal profitability benchmarks.
  2. Flexibility and willingness to collaborate.
    The ability to adapt quickly and find win-win solutions is key.
  3. Previous performance.
    I look at historical data, results in other campaigns, and how consistently the partner meets agreements.

What factors most influence traffic profitability today?

  1. Cost of acquisition and player retention.
    It has become harder to both acquire and retain users.
  2. Funnel and landing page optimization.
    Even high-quality traffic can drop off if the funnel is too long or complex.
  3. Continuous campaign optimization and bid adjustments.
    Daily monitoring of metrics and fast adaptation—from both the partner and advertiser side—is critical.

Working with N1 Partners

Partners who want to discuss a launch, tailor conditions to their traffic, or test an offer can reach out to Vlad directly.

N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with strong LTV and Reg2Dep rates of up to 70% across Tier-1 GEOs.

N1 Partners offers competitive terms for top partners, including CPA up to €650-700 and RevShare up to 45%, ensuring stable and scalable performance.

Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.

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N1 Partners at Search iGaming Conference 2026 in Limassol

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The N1 Partners team will attend the Search iGaming Conference 2026, held on April 16 in Limassol, Cyprus. 

The conference will bring together more than 1,200 professionals in SEO and iGaming, including PPC experts, ASO teams, and affiliate programs representatives for networking and sharing insights.

At the event, the N1 Partners team will not only be an active participant but also a conference bags sponsor for guests. This is the part of a comfortable event experience that helps participants focus on networking and knowledge-sharing.

The conference is a perfect place to discuss profitable deals and SEO traffic, as well as learn more about the N1 SEO Traffic Cup, the first tournament in the N1 Traffic Cups global promo series from N1 Partners. The team will explain how to enter the promotion with highest efficiency at the final stage — there’s still a chance to join the tournament until April 30th.

Participate in the largest SEO tournament in the industry this spring and acquire generous prizes!

In addition to the current promo, N1 Partners affiliate managers will be happy to discuss working with any of the 14+ brands in the portfolio, top Tier-1 GEOs, as well as individual payment terms and payment models.

Why meet the N1 Partners team at the Search iGaming Conference 2026?

In Limassol, the N1 Partners team will show how partners scale traffic and increase revenue.

Key advantages include: 

  • 10+ GEO Tier-1
  • CPA up to €700 | RevShare up to 45% for top partners
  • Reg2Dep up to 70%
  • Top personal offers
  • Insights from analysts

Book a meeting with N1 Partners in Limassol!

Wanna get the most out of the intense Search iGaming Conference? Book a meeting with the N1 Partners team in advance. 

Discover the exclusive terms of cooperation and engage with the expert team in person — guaranteed insights await!

N1 Partners team contacts:

Start working with N1 Partners — become number one!

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The Ethics of Ranking: Can Affiliates Be Both Commercial and Credible?

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Ethics is one of the most important issues in the world of online gambling affiliates. Many gamblers wonder if websites can be both credible and commercial. Who better to answer this question than an industry veteran, who has worked with well known operators and affiliate companies? He is also the founder of Mithrillium Media Ltd., which makes him uniquely qualified to answer our questions.

Mister Sebastian Jarosch is a unique voice in the industry. He has worked to push gambling affiliates towards a UX-focused model, steering away from the SEO-oriented approach that seems to have been the standard for years. For his effort, Mr. Jarosch has won several awards, including:

  • EGR Awards for Best Affiliate Programme 2020
  • Casinomester 2020 Awards Best Casino Group
  • Askgamblers Awards Best Partner 2021

Interview Questions:

How do you define ethical ranking in the iGaming affiliate space, and where do most platforms fall short?

Ethical ranking means structuring your rankings based on relevant, objective, and player-focused criteria, such as licensing, payout speed, support quality, and bonus terms, rather than on commercial deals alone. Many platforms fall short by putting profit before player trust, often placing the highest-paying brands at the top regardless of their actual value.

Can affiliate sites truly be both profit-driven and objective in how they present casino rankings?

Building a sustainable business requires a long-term mindset. Profit and objectivity often go hand in hand. Affiliates can build trust and loyalty by focusing on reliable operators that provide real value to players. Credibility leads to returning visitors, which in turn generates sustainable revenue.

What internal processes or principles do you follow to ensure your rankings remain transparent and fair?

We use a scoring system that evaluates factors like licensing, RTP fairness, withdrawal limits, player complaints, localization, and support quality. Every casino goes through a structured review checklist, and we register accounts ourselves to verify the experience. Commercial relationships never override our core review criteria.

How do you handle partnerships with operators that want higher visibility but may not fully meet your review standards?

Visibility is tied to our review scores and player satisfaction. If an operator underperforms or doesn’t meet our standards, they won’t receive top positions, regardless of the deal. We frequently receive requests from operators wanting to purchase top positions with flat fees, but all our commissions are performance-based.

Do you disclose how rankings are determined, and do you think transparency in methodology should be an industry norm?

Yes, we outline our ranking factors and provide explanations for each top listing. We absolutely believe transparency should be standard in this industry, players deserve to know why a brand is recommended and how it compares to other operators. 

How do user reviews or feedback factor into your ranking algorithm, if at all?

Player feedback is a core part of our review process. We monitor complaints, payout delays, and general satisfaction. If a brand gets repeated negative feedback, their score is reviewed and the position can be downgraded.

What role do editorial independence and content-firewall structures play in maintaining integrity?

Editorial independence is critical to building credibility. All of our reviews follow the same procedures and are never influenced by commercial agreements. Operators may provide input on factual details like ownership or bonus amounts, but not on our opinions. Protecting the trust our writers build with readers requires a firm boundary between monetization and content.

Are there ethical gray areas that affiliates regularly encounter when balancing commercial pressure and content accuracy?

There’s always pressure to soften criticism or inflate ratings, especially from less reputable brands. It takes strong internal policies to navigate these challenges while staying true to user-first values. Sites like Casino-Groups operate without paid placements and rank casinos solely based on performance and trustworthiness.

Do players care whether rankings are monetized, or is trust more about perceived value and consistency?

Players know that affiliate sites generate income. What matters is consistency and value. If they consistently receive helpful, accurate insights and feel that the platform protects their interests, they’ll return, even if the rankings are monetized.

Looking ahead, what needs to happen for ethical ranking practices to become the baseline standard across the affiliate industry?

More affiliates need to understand that long-term value lies in trust, not manipulation. As players become more informed and regulators more involved, ethical ranking won’t just be a best practice, it will become a necessity. Building a strong reputation in the player community through honest reviews leads to satisfied visitors who keep coming back.

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