5.3.   Revenue-Share Model.

1. Company will pay the Affiliate a percentage of the total monthly Net Revenue for Sportsbook, Racebook, Poker, and Casino play generated as a result of all Customers directly referred by the Affiliate.
2. “Net Revenue” is calculated as follows:
   1. on Sportsbook activities: all gross monies from bets made by customers less; monies paid out to Customers as winnings, fraud, processing and licensing fees, charge-backs, bonuses, and other incentives offered to the Customer;
   2. on Casino activities: total wagers made by customers less; payouts, charge-backs, bonuses, fraud, processing and licensing fees, and other incentives offered to the Customer;
   3. on Poker activity: the gross rake less; bonuses, charge-backs, fraud, processing and licensing fees, and other incentives offered to the Customer.
   4. iv. on Racebook activities: all gross monies from bets made by customers less; monies paid out to Customers as winnings, fraud, processing and licensing fees, charge-backs, bonuses, and other incentives offered to the Customer.

1. Net Revenue (as defined above) shall be calculated for each referred player and the aggregate of all such calculations shall be the applicable commission due to such Affiliate (note that if Net Revenue for a given player is $ < 0, the negative amount shall be calculated at 25% of such amount).
   

   Total NGR per calendar month	Percentage	Minimum Players
   $40,001	35%	3RMP in 6 Months
   $10,001 – $40,000.00	30%	3RMP in 6 Months
   $1 – $10,000	25%	3RMP in 6 Months
   N/A	10%	Less than 3RMP in 6 months

   
   

   Net Revenue	Percentage
   $1.00 – $9,999.99	25%
   $10,000 – $9,999.99	30%
   $50,000+	40%

   
   

   Notwithstanding the foregoing, if the total Net Revenue attributable to Casino activity is greater than fifty thousand dollars ($50,000), and the affiliate meets the minimum player requirement of 3 depositing players in 6 months, Affiliate shall be entitled to 45% on all Casino Net Revenue, and 35% on all Net Revenue from non-Casino channels.

   
   

2. All Affiliates that join the Program after June 1, 2010 shall be subject to the following additional provision. In order to be entitled to the above-noted percentages based on Net Revenue, all Affiliates participating in the Revenue Share Model are required to generate not less than three (3) Depositing Referrals in any rolling 6-month period. In the event that Affiliate does not generate at least three such Referrals, Affiliate’s entitlement shall drop to 10% of all applicable Net Revenue for such Referrals. In the event that Affiliate later exceeds the minimum Referral requirement, as of the data of Affiliate’s re-instatement, Affiliate shall be entitled to the percentages based on Net Revenue in Section 5(c) for future Net Revenue generated by Referrals. Affiliate shall not be entitled to the above-noted percentages retroactively, notwithstanding their reinstatement.