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I would expect a conversion ratio of between 1:300 - 1:800 for reasonably targeted adult keywords. Of course it depends a lot on how you move the traffic from your site to your sponsors. If you hype your sponsors too much you'll get more click throughs, but the surfers expectations will be too high so your conversion ratio will be lower. If you don't hype the sponsor enough not enough people will click through. It also depends a lot on the language and country of origin of the traffic.
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