It's actually up to 45% or even 50% in some cases.
What you forget is that firstly you get special affiliate-tailored deals quite often that award better bonuses than just finding the site. Then you'll be paying somebody else anyway if you don't use the affy links, namely Google quite often. (I pay my taxes, Google tries to avoid them!)
The affiliates earning 45% will usually be the large ones that have had sufficient acquisitions to reach that tier, or maybe have had one or two high-rollers if that tier is cash-triggered.
The most important point here is the bonuses - quite ironic in the context of what you stated above! This is because the affiliate pays for them mostly, NOT the casino! I'll give you two examples. Say Trada where you used to get the bonus as cash feed-in via £2 increments. Those £2's come off of your gross earnings, so if a player makes a dipper of say £100 and makes it last any length of time, after bonus deductions and 'fees' you'd be lucky to see 8 or 10 quid.
Secondly, say I have a gross deposit from a player of £500. The player LOSES it all so you think I've made £125 (25%)? WRONG! The 50% bonus is played, so that's now £250. The affiliate software 'fees' or 'local taxes' will skim about another £50+. My net player income will now be less than £200, of which I'll get 25% so £45-48 or something similar. So yes, the player lost £500, but I'd be lucky on most programs to see 10-16% of it. Then I pay 20% tax on my take-home, or if registered as a business 18%. I have recruited 10-20 players monthly on some casinos, and yet if 90% just visit to take the (Coral for example) 'Deposit £10 play with £60' offers you'll end up with about £1.60 for each ASSUMING they all lose!
So yes, I have felt the same as you especially after losing a ton, bitter that somebody has just made £40 from my loss for 'doing nothing'. How wrong I was now I understand how it all works!
So the fact that much of the casino traffic comes via affiliates is actually BENEFICIAL to the player as the casino pays bonuses from affiliate earnings rather than themselves. Whether it's Google, advertising, marketing companies or affiliates the casino is always paying money out other than to players.
I think some people believe affiliates simply sling a page up then we sit here scratching our scrotums (our own, not each others!) while money falls in our laps.
I believed that in about 2008. I'd met Kasino King through his site, and had been playing online for a few months, and was considering becoming an affiliate.
The hours of work, the return, the casinos that just turn and say fuck our deal, we have new rules.
Probably the most valuable thing I've ever gotten from CM is just how hard this business is. It may have been different somewhat a decade ago, but most months we someone posting about an affiliate program changing terms on lifetime player payments for not sending enough new traffic.
Some affilate site have more value to the player than others. Some will go to bat for the player, or have good contacts, like CM.
Or content you find entertaining or valuable.
Dunover, you've had a signup from me, you probably made at least $2 CAD. You can't even buy me a beer with that. Didn't end up being somewhere I played again.
I try to spread the wealth, and don't always use the same affiliate, as I know so many of you on a "personal" level.
But if a casino is not giving me anything extra for signing up directly, I'd rather it went to those that provide me value and have some ethics vetting their casinos, which usually involves a cost for them, as slot games are not EV plus.
Casinos cannot do all of their marketing on their own, affiliates are an intregal part of this industry. I'm very glad I attended Amsterdam I gaming supershow this summer, and I may yet become one, but I'm in a position where I don't need to make a living, maybe just supplement one, which was not the case a decade ago almost.
But I'd probably make more money scratching my lady-balls on webcam.
