Tim,
a point I think you missed on the affiliate aff side which i do not often take …
The fact that when you drop a aff program some of the programs more on the ball get the casino team together and start comping old reliable and loyal players a bit more to get them playing again which in turn relates to those returning and recurring profits coming back on board resulting in big months again.
Though as a knife to this lack of many decent or large players or whales in the same circumstances. Otherwise either the shaving of the whales or lack of pleasing the whales which tends to make the stats look shaved to say the least. Though this pleasing and comping must be done in order for the affiliate managers to look good and a lack of that in the team is a rift in management.
Plus when this is done and we take a hit for constant free money being doled out we as the aff’s still take a hit though we spent our cash to bring in the players while the casinos still retain these players and benefit from the players referals and we do not get as much of the game. Some whales do swim in packs !!! Plus some casino software works differently as to creditation of all the above stated.