The Bitcoin Payout Option at Chipsplit
As stated previously, I’m a north American affiliate and I have had an affiliate account with Chipsplit for many years. I used to enjoy sending traffic to them. In fact, I’ve sent them thousands of players over the years. So it was with great dismay that I had to stop sending them traffic when they stopped accepting new players.
Had I known that this was going to happen, I’d have likely sent my traffic to another affiliate program.
In fact, my best paying affiliate account only had a fraction of the players that my Chipsplit affiliate account had. Meaning that when I had about 2,500 players at Chipsplit, but only 900 players at a competing brand, I was making 3x the money with the 900 players. In retrospect, I wish I had sent those 2,500 Chipsplit players to the competitor. That’s 300% more commissions with 64% fewer players! But done is done. No use crying over that.
In regards to getting paid by Chipsplit in a timely fashion: ever since they stopped accepting new players, getting paid has taken a really long time.
I have a player account. I’m not a player, but this is how they used to pay out to their affiliates. The last couple times that I had requested a payout, it took over 3 months before I received payment. I guess waiting 3 months to get paid is much better than NOT getting paid. But still, it’s not very confidence-boosting to wait that long. Nor is it very professional on Chipsplit’s part.
Now, the new deal seems to be that Chipsplit no longer wants to payout using a player account. Instead they are requiring that their North American affiliates use Bitcoin.
I currently do not have a Bitcoin account. I don’t know much about Bitcoin and the research that I have done does not give me much faith or confidence in the Bitcoin system.
As a result, I have quite a bit of accumulated commissions in my Chipsplit affiliate account, which grows each month as new commissions are added to it. I’d like to cash it out, but have been reluctant to do so, due to my uncertainty regarding Bitcoin.
It is alleged that by using the Bitcoin payout option, commission payments will happen quickly. However, the Chipsplit terms and conditions state that this is not so. Read for yourself:
- 5.4 Time of Payment. Affiliate Commissions and Fees may be paid and sent out to a player account If approved, payment transfer will be provided within sixty (60) days of the close of the given calendar month, except that, if the total amount due for all Trackers is less than the preferred or limit of the payment option, the balance will be carried over and added to the next month’s Affiliate Fees until the total amount is more than preferred or limit of the processor option. Further, if the amount due is negative in any particular month, then that negative amount will carry over and be deducted against the following month.
- Affiliate Wire Payments are processed to non-US bank accounts within sixty (60) days of the following month.
- Bitcoin transfers will be processed within sixty (60) days of the following month.
- Current Affiliate Payment Options at ChipSplit
- Direct Wire: Minimum Payment $2,500 Processing Fee 3%
- Bitcoin: Minimum Payment $250 Processing Fee 5%
So, as you can see, it appears that it will take quite a long time to actually get paid, no matter which payout method you choose.
The gambling affiliate market has quieted down significantly since the boom years of the early 2000’s. I have been researching the Bitcoin payout option online, but so far I have not been able to find anyone who has used it, how long it takes to actually receive payment, and how the Bitcoin method worked out for them.
I’m still looking for some answers. Any help in this respect will be greatly appreciated.