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It all depends on who you are referring. If they are 26 webmasters who go through and signup for every possible sponsor and then don't actually promote then yes that is likely the case. If you have one that signed up under you and they really work a sponsor then they are going to be worth more than all the rest combined.
I have some affiliates who make all their Max Cash money with referrals. It is good money too but I am sure they actually hunt down people they think will make them money when they are referred rather than the sponsor collectors.
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