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I recently picked up an old hobby from my childhood: fishing. Most of the time, I fish in the Oslo Fjord — although from January 1, 2026, it will actually become illegal to fish in large parts of it.
Standing there in my waders earlier this week, it hit me how similar fishing is to working as an affiliate in the iGaming industry. Both are about patience, regulations, and competition. And both often come down to one thing: everyone wants to fish in the same spot.
This paper is about what happens when you don’t. About why affiliates (and even operators) should look for the quieter waters — and how you can actually do it.
The Affiliate Echo Chamber
I’ve never been an operator, but I have been an affiliate. And one thing that always stands out: everyone is “fishing in the same waters.”
By that I mean GEOs and the strategies affiliates choose. The industry has a habit of chasing hype-waves — PPC campaigns, the LATAM expansion, the U.S. rush after PASPA, or social casinos, which might be the latest hype. The details change, but the pattern stays the same: everyone heads for the same waters at once.
Winning in a crowded market can certainly deliver high rewards. But just like in fishing, if you go where everyone else is, the competition is fierce. Sometimes the better strategy is to find a less crowded “spot” — a GEO that others overlook, where competition is lower but the potential catch is still valuable.
This is one of the reasons we decided to launch a free Market Research section at iGamingToday. To make it easier to spot that there are a lot of other “fishing spots” out there. The problem isn’t lack of data — it’s that most affiliates and operators prefer to wait until someone else proves a market works.
Why New Markets Matter
For smaller players, new markets can be the difference between struggling and growing. The big companies usually don’t bother. They need scale and volume, and their compliance teams make small GEOs expensive to enter.
That leaves room for affiliates and operators who can move faster and think differently.
For affiliates, less competition means you see results quicker.
SEO: You don’t have to fight decade-old domains with thousands of backlinks.
PPC: Clicks are cheaper and there’s less of the shady stuff you see in saturated markets.
For operators, the challenge is usually tech. If you don’t own your platform, you’re limited by your provider. But the potential payoff is big. In established GEOs, acquisition costs can be €200–€500 plus 50% rev-share. In newer markets, you can still find old-school 50% deals or light hybrids.
Case Study: The Hidden Fishing Spot
As one affiliate told me, “no one wants to share their best fishing spot.”
This affiliate, who asked to stay anonymous, started just 24 months ago. He had a budget of €50,000. Today, his network of sites generates over €200,000 in monthly deposits.
That’s the upside of picking the right market. But let’s be clear: this is the exception, not the rule. For every story like this, there are dozens of affiliates who burn through budgets chasing the wrong GEO — markets already saturated, overregulated, or simply not a cultural fit.
The point isn’t that every new market is a jackpot. The point is that you can’t expect big returns if you just throw your line where everyone else already is.
A Framework for Entering New Markets
Like fishing in a new place, entering a new GEO requires a method. Here’s one way to approach it.
1. Research
Don’t rush this step. Things you should look at:
Average income in the country.
Cultural or religious views on gambling.
Regulation: do you need a license? Is DNS-blocking common?
Search volumes — in all languages used locally (and English).
Competition (Ahrefs, Semrush, etc. will give you a quick read).
AI tools can help, but they don’t replace judgment. Use multiple sources — industry reports, tools like Humbl.ai, and even academic studies.
What you’re looking for: either fewer competitors with high player value, or a high-volume market even if each player is worth less. Always weigh this against regulatory risk.
2. Local Verification
No matter how good your research looks, you’ll miss things if you don’t talk to people on the ground.
Is gambling accepted, or is it taboo?
Are players living paycheck to paycheck, or is there disposable income?
Which verticals matter most — casino, sports, bingo?
This doesn’t have to be expensive. Pay a few freelancers or local consultants on Upwork (€200–€300 each) and ask the right questions. Talk to more than one person so you can cross-check the answers. And yes, record the call if you can (with permission).
3. Building a Presence
This is where most fail. Operators in particular often launch with auto-translated websites that immediately lose trust. Affiliates are usually better at this, but even affiliates sometimes cut corners.
If you want to succeed, don’t. Get local content, understand the culture, and deliver something that feels authentic. Hire people who live there, or at least expats who understand the market.
Think of it like hiring a fishing guide. It costs more, but your chances of a catch go way up.
4. One Market at a Time
It’s tempting to chase several new markets at once. In my experience, that almost never works.
Even small markets require focus and energy. Affiliates especially need to go all in at the start. Once you’re established, move on to the next.
For operators, it’s more complicated, but the same principle applies: go deep before you go wide.
Casting Into New Waters
You can always join the crowd at the most popular fishing spot. Or you can do the work and find your own. The first option means more competition. The second means more opportunity.
New markets are risky, but they’re also where growth happens. The affiliates and operators willing to put in the research, test their assumptions locally, and build real market presence will always have an edge.
And sometimes, if you get it right, you end up like the affiliate who turned €50,000 into €200,000 in monthly deposits in just two years. Not because he followed the crowd — but because he went fishing somewhere no one else thought to cast their line.
