Every month, Gabriela Ohofugi sits down to compile the Traffic Nomads monthly top GEOs, a data-driven look at the markets delivering the strongest results across our network. May is no different. This month, the spotlight falls on Thailand, Canada, and Serbia: three very different markets, three very different strategies, and one common thread: they all delivered.
Below is a breakdown of why each market stands out, which bid strategies are winning, and who leads the operator rankings.
| GEO | Avg. CPA | Top Format | Bid Strategy | Top Operator |
|---|---|---|---|---|
| 🇹🇭 Thailand | $1.37 | Pops | Manual with Whitelist | TigerBet247 |
| 🇨🇦 Canada | $42.00 | Pops | FTD Magnet | Betano |
| 🇷🇸 Serbia | $6.40 | Pops | Smartbid | SoccerBet |
Thailand
- Top Format: Pops
- Bid Strategy: Manual with Whitelist
- Average CPA: $1.37
- Top Operator: TigerBet247
Thailand has been one of Southeast Asia's most consistent performers this month. The combination of a mobile-first audience, strong sports betting intent, and a well-curated publisher whitelist created the conditions for campaigns to convert cleanly and at scale.
The country's online gambling scene operates in a complex regulatory landscape, but demand continues to grow, driven by a digitally active population with strong intent around football, Muay Thai, and increasingly, international casino verticals. With an average CPA of $1.37, Thailand is highly competitive for Southeast Asia, delivering real conversions at efficient acquisition costs.
Pops remain the top-performing format, delivering strong reach across Thailand's fragmented media landscape. Their ability to generate immediate visibility without relying on prior user intent makes them particularly effective in markets where brand awareness for online betting is still being built.
Manual bidding combined with a Whitelist strategy was the winning approach this month. This combination gives advertisers granular control over spend while ensuring campaigns run exclusively on proven, high-quality traffic sources. In a market where traffic quality can vary significantly, this disciplined approach translates directly into better funnel performance and lower wasted spend.
Mobile usage is central to the Thai betting experience, with the vast majority of users accessing platforms via smartphone. Payment methods have diversified, and local e-wallets and bank transfers are making deposits increasingly seamless for new users, reducing drop-off between click and FTD.
TigerBet247 leads as the top operator this month, reflecting strong local market positioning and offers tailored to the preferences and payment habits of Thai bettors.
For affiliates and operators, Thailand represents a compelling opportunity, particularly for those willing to invest in manual campaign oversight and maintain curated publisher lists that deliver consistently high-quality traffic.
Canada
- Top Format: Pops
- Bid Strategy: FTD Magnet
- Average CPA: $42
- Top Operator: Betano
Canada continues to deliver some of the highest-value iGaming conversions available in the Traffic Nomads network, and May's data reinforces its status as a Tier 1 market that rewards serious investment.
The Canadian online gambling market has undergone significant structural change following the 2021 liberalisation that opened single-event sports betting and paved the way for a competitive licensed operator landscape, particularly in Ontario. With a well-regulated environment, strong purchasing power, and an audience deeply engaged with hockey, football, and casino verticals, Canada sits firmly at the top tier by player value.
An average CPA of $42 reflects the premium nature of the market. Canadian players are among the highest-LTV users in the industry, making the acquisition cost more than justified when viewed in the context of long-term player value. This is a market that rewards confident, well-funded campaign strategies.
FTD Magnet was the dominant bid strategy this month, a performance-focused approach specifically designed to drive first-time deposits by prioritising placements and audiences most likely to complete the payment step. In a market where the gap between registration and first deposit is often where campaigns lose ground, FTD Magnet brings focus to the conversion event that matters most.
Pops continue to perform strongly, delivering the reach needed to compete effectively in Canada's busy digital advertising environment. Payment infrastructure is excellent, Interac, credit cards, and a growing range of digital wallets support smooth deposit flows, reducing friction at the critical point of first deposit. English-language content performs strongly in most major provinces, while Quebec requires French-language adaptation for best results.
Betano leads as the top operator this month, leveraging aggressive growth ambitions and competitive promotional offers to capture a significant share of the Canadian market.
For affiliates and operators, Canada offers outstanding player value and a market structure that rewards quality over volume. The investment required is higher, but the returns for those who execute well are consistently strong.
Serbia
- Top Format: Pops
- Bid Strategy: Smartbid
- Average CPA: $6.40
- Top Operator: SoccerBet
Serbia is one of Eastern Europe's most interesting iGaming markets, combining a deeply rooted sports betting culture with increasingly accessible digital infrastructure and a player base that converts well at a very competitive CPA.
The Serbian iGaming market is well-established and operates under a regulated framework, giving operators a clear structure to work within and affiliates a stable environment in which to build and scale campaigns. The country's long tradition of sports engagement, particularly football, basketball, and tennis, translates directly into betting behaviour, with consistent demand across both domestic competitions and international events.
An average CPA of $6.40 positions Serbia as one of the best value-for-money Tier 2 European markets currently available. A betting-literate population and relatively lower competition compared to Western European markets create a window for affiliates to scale efficiently before the market matures further.
Smartbid was the most used strategy this month, allowing campaigns to self-optimise in real time based on conversion data. In a market where timing around key sporting events can significantly impact performance, Smartbid's automated optimisation capabilities help advertisers extract maximum efficiency without constant manual intervention.
Pops remain the top-performing format, delivering strong volume and reach across both urban centres and smaller cities. Serbia's digital payment landscape continues to mature, bank cards, local payment processors, and a growing adoption of e-wallets are supporting smoother deposit flows, a positive trend for FTD conversion rates.
SoccerBet leads as the top operator this month, benefiting from deep brand recognition and offers that align closely with local sports betting preferences.
For affiliates and operators, Serbia represents a well-balanced opportunity: a regulated, sports-hungry market with solid conversion economics, growing digital payment adoption, and enough headroom for meaningful campaign scale.
Final Thoughts
May's top GEOs reflect a broad spectrum of opportunity across different tiers and regions, each with its own logic, and each requiring a distinct approach.
Thailand delivers Southeast Asian scale at competitive CPAs, with Manual + Whitelist being the disciplined strategy that separates profitable campaigns from wasted spend. Canada sits at the premium end of the market, where FTD Magnet precision and strong player LTV justify the higher acquisition cost for those willing to commit. Serbia offers one of the best value propositions in Europe right now, a regulated, sports-driven market where Smartbid automation helps affiliates scale without sacrificing efficiency.
Across all three GEOs, Pops remain the dominant format, reinforcing their role as the go-to traffic type for iGaming campaigns that need reach, speed, and volume.
As always, monitoring regulatory updates, payment trends, and competitive positioning within each market will be essential to staying ahead.
Stay tuned for next month's GEO insight!
