I don't use sponsors much at all. However, this may work similarly to advertisers... Figure out how much the traffic is worth to you. How long can you go between sales before it would be better to use it for something else? Base your number on that... With a bigger payout (or crummier traffic) you will want to wait a good long time. With small payouts, or good strong traffic, you won't need to wait long to see that conversions suck.
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