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Do you mean on your own pay sites, or on your free sites?
On *pay* sites, it definitely makes sense. All big sponsors do it. You have to promote your cash program for it to be successful.
On *free* sites, as someone said, you are just siphoning off surfer traffic which can make good money. It is hard to make money on 2nd tier webmaster referrals. All you do is build your competition.
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