The real difference between a public and a private iGaming network is not the marketing language, it is what sits in the contract. Access, payout ranges and account management are the visible layer. The layer that decides what you actually get paid is the net gaming revenue definition, the negative carryover clause and what qualifies as a first time depositor. This guide covers both, including the parts where private networks are the worse choice.
A disclosure before anything else, because it changes how you should read this: Soho Partners is a private network. That is a reason to check our claims against your own numbers, not a reason to skip the article, and we have written the trade-offs section as though you were considering a competitor.
What actually separates the two models
Public networks are open to sign up, carry offers across many verticals, and publish rate cards. Thousands of affiliates run the same campaigns, which compresses payouts toward an average and drives up media costs on shared creative angles.
Private networks screen applicants and set rates per affiliate rather than per offer. There is no public card, because the number depends on what your traffic has historically been worth.
That last point is the whole mechanism, and it cuts both ways. If your traffic converts and retains, per affiliate pricing pays you more than any published rate. If it does not, or if you cannot yet prove that it does, you will be quoted below the public card or declined outright.
Where the money actually differs: the contract
Two networks can both advertise 35% revenue share and pay materially different amounts. Compare these before comparing headline percentages.
The net gaming revenue definition
RevShare is a percentage of NGR, not of what players lose. NGR starts from gross gaming revenue, which is total stakes minus total wins, then subtracts costs the operator is permitted to deduct: payment processing, game provider royalties, bonus costs, and in some agreements platform or licensing fees. A 30% deal on a clean definition frequently beats 40% on a heavily loaded one. Ask for the definition in writing.
Negative carryover
If your players win more than they lose in a month, your share for that month is negative. Negative carryover pushes that deficit into the following month, so you earn nothing until you have worked back to zero. Without it, each month resets. For a small affiliate, one high roller on a run can erase a quarter. It is more often negotiable than affiliates assume.
What qualifies as an FTD
CPA pays on a qualifying event with contractual conditions attached: a minimum deposit, sometimes a wagering requirement before the commission triggers, geographic restrictions, and a holding period during which a chargeback or self exclusion voids the payment. A $250 CPA with a $50 minimum and a 30 day hold is a different product from a $200 CPA that triggers on any funded account.
The mechanics of each structure are covered in more depth in our breakdown of CPA, RevShare and hybrid deals, and the terms above are the main levers in a rate negotiation.
What the market is actually signing
On new contracts in 2026 the split runs roughly 41% hybrid, 33% pure RevShare, 26% pure CPA. Hybrid leading is recent, and it reflects affiliates wanting media budget funded now while keeping a claim on player lifetime value.
For reference, published 2026 benchmarks put Tier-1 online casino CPA at $150 to $400 per first time depositor with a median near $250, and iGaming revenue share at 25% to 45% of NGR with a median of 30%. Use those as the midpoint of a wide distribution, not as a target.
Where private networks are genuinely better
- Rates that reflect your actual traffic. If you have a track record, per affiliate pricing beats any published card.
- Fewer affiliates on the same offer. Less creative saturation in the geos you work, which shows up in media cost before it shows up in payout.
- Screening cuts both ways in your favour. Networks that vet applicants carry fewer affiliates sending problem traffic, which lowers the chargeback and clawback risk you inherit through shared brand relationships. What operators actually watch for is covered in our guide to traffic quality and fraud.
- Someone who answers. A manager who knows your traffic can flag a converting offer or a broken funnel before you find it in the numbers.
- Access to offers before they open. Emerging market deals frequently run through private channels first.
Where private networks are worse, honestly
- You cannot compare what you cannot see. No public card means no easy benchmark, and the only defence is knowing your own numbers well enough to price yourself.
- Concentration risk. Fewer, deeper relationships mean a single network changing terms or losing a brand affects a larger share of your revenue.
- You have to qualify. A new affiliate without history is often better served by a public network while building a track record worth pricing.
- Narrower catalogue. Public networks carry more brands. If your traffic spans several verticals, that breadth may matter more than rate.
The honest summary: private networks reward proven traffic and punish unproven traffic. That is not a slogan, it is just what per affiliate pricing means.
What to ask before you commit
- What is the exact NGR definition, and which costs are deducted?
- Is there negative carryover, and can it be removed or capped?
- What qualifies as an FTD, and what voids it?
- Are there CPA escalation tiers, and do they apply retroactively within the month?
- Payment schedule, minimum threshold, available payout methods?
- What tracking is supported, and do they fire server to server postbacks you can reconcile against your own numbers?
- Which geos are excluded and which traffic sources are prohibited?
- What happens to my revenue share if a brand leaves the network?
An operator who answers all eight plainly is telling you something useful about how the partnership will run. One who redirects to the payout number is telling you something too.
Working with Soho Partners
We price per geo against traffic quality rather than from a published card, across casino and sportsbook brands, on CPA, RevShare and hybrid structures. If you want a straight answer on what your traffic is worth, send us your geo mix and volume and we will quote against it. If your traffic is not yet at a stage where per affiliate pricing helps you, we will say so.
Sources
- State of iGaming Affiliate Marketing 2026 Annual Report, track360.io (commission mix on new contracts)
- Affiliate Commission Rates Benchmark 2026, track360.io (Tier-1 CPA and RevShare ranges)
- Negative carryover definition, scaleo.ai
- Operator affiliate terms and conditions, publicly published NGR definitions
