A $128.95 CPM may look expensive at first. But in this case, it didn’t stop an iGaming media buyer from achieving 42,097 deposits at an average cost of $13.00 each.

Compared with Pop Traffic over the same 30-day period, the cost per deposit was 9% lower. Here’s how the campaign performed.

Case Study Overview

About the Funnel

The buyer ran an iGaming offer with a PWA funnel: a user sees the ad → visits a landing page → installs the PWA → starts using the product.

The main KPI was the cost of the first deposit. Instead of focusing on clicks, installs, or other funnel events, the buyer primarily tracked how many users made a deposit and how much each one cost.

That approach made the $128.95 CPM less important. The bidding strategy was focused on achieving cheaper deposits through a CPA Goal.

Campaign Flow and Optimization

The buyer started by testing three countries:

GEO 1 took the lead during the first week and remained the strongest performer throughout the month.

GEO 2 delivered 4,831 deposits at $18.77 each, while GEO 3 generated 762 deposits at $29.73 per deposit — almost three times the cost of GEO 1.

After seeing the difference during the first week, the buyer didn’t shut GEO 3 down completely. Instead, they stopped allocating additional budget to it and shifted that volume to GEO 1 and GEO 2.

Results and Comparison with Pop Traffic

The campaign generated 42,097 deposits from 4.2 million impressions, with an average cost of $13 per deposit.

Over the same period, this was 9% cheaper than Pop Traffic.

Here’s the full comparison:

The higher CPM didn’t prevent the campaign from delivering a lower cost per deposit. In this case, the more expensive impressions were associated with an audience that was more willing to pay.

Oleksandr Shovkun, Sales Team Leader:

A high CPM can pay off nicely. This campaign’s CPM ran 1.8 times above the pop traffic benchmark, and the cost per deposit still came in 9% lower. One strong GEO can carry the whole campaign. In this case, it pulled ahead from week one and kept the lead the whole month.

Quick Summary

Paid Social Traffic delivered more deposits at a lower cost per deposit than Pop Traffic over the same 30-day period, despite starting from a higher CPM. The advantage comes down to the audience: users on social platforms are actively engaged rather than passively browsing, which makes them more likely to click and convert. That's what makes Paid Social Traffic worth testing for iGaming offers in Southeast Asia.

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