What do you look at as conversion rates?

I have often had an affiliate manager claim they have excellent conversion rates but when I look at the stats I consider them poor conversion rates.

The fundimental difference appears to be what I and they refer to as a conversion rate.

So I am curious as and affiliate what 'conversion rate' do you monitor?

AND for Affiliate Managers please explain what 'conversion rate' you monitor and why.

Personally when I refer to a conversion rate I am comparing the number of unique visitors I sent to the casino with the number of new real depositing players.

For example if I sent a casino 10,000 unique visitors and got 100 new real depositing players the conversion rate would be 1 in 100.

If I sent say 500 unique visitors to another casino and got 100 new real depositing players then the conversion rate would be 1 in 5 (and I would be a very happy man).

It is this very conversion rate accompanied with the average player value I get from a casino that I use to decide which casinos to give extra exposure to and which to reduce exposure to. I feel this is a fair and logical way of doign things.

Many times I have spoken with Affiliate managers (often because I am letting them know why i am reducing exposure to one of their casinos slightly) and they will ask about conversion rates. So I explain how well they are converting and how well the casino I am replacing theirs with is converting. Once they understand what I refer to as conversion rates they often ask things about how many downloads or how many registered accounts we are getting and seem to have a totally different idea about what a conversion rate is.

From my point of view what matters are these 2 things.
1. How many unique visitors I am sending (and the quality of that traffic).
2. How many of those unique visitors become real depositing players.

From my point of view as an affiliate everything else in between is largely irrelevant. That is not to say I do not keep an eye on those 'stats' as if I suddenly send a surge of traffic to a casino I know they wont convert it the same day or even week but if I can see a big surge of registrations I can rest assured there is a chance that some will become real depositing players.

So over to you guys what do all look for and why? And what do is it you are looking at when you say you have good or bad 'conversion rates'?