That’s the old question everybody asks.
First, targeted and cheap are words that don’t fit in the same phrase. You choose cheap or you choose targeted. No combination here
From what I know and most members here can confirm this, it takes time to make any money from your new site. Your site is not listed at search engines nor it will in the next months (at least at good positions). This means that you’ll not get anything from SE.
You can buy packages of 100,000 clicks very cheap. There are a lot of sites selling it. From what I know, you will be wasting money, since this is not good traffic. Expect 1 real player for each 1,000,000 clicks from this source.
Now the PPC’s. The good ones are not accepting gambling adds. that’s the case of overture and google. Threre’s a lot more PPC’s but they are crap. They eat your money. Although there are exceptions. If you think you can target the uk market, you can use eSpotting or Overture UK. They are fine and accept gambling ads in this market.
Optimizing your site and having patience is the only effective and cheap way of getting traffic on the long term. You can spend some money trying the crap I spoke about, but unless you choose it very very carefully and have some luck, you’ll end up wasting money.
In my first 5-6 months I did not see any $$$. Now I’m better.
Have patience and good luck with your new site.