Which countries are best for search arbitrage?
Revenue per click is highest where advertisers spend most on search: the United States first, then markets such as the United Kingdom, Canada, Australia and Germany. Traffic there also costs more. Cheaper countries have lower click prices on both sides, and some operators find better margins there, but ad coverage can be thin.
Operators group markets as Tier 1, Tier 2 and Tier 3. Tier 1 has deep advertiser demand, so most searches return several ads. In smaller markets coverage drops: a keyword may return no ads at all, and a visit with nothing to click earns nothing.
Geo-targeting also changes the rules you must follow. European and UK visitors bring GDPR consent requirements, which reduce the share of visits that can be tracked and monetised. Language matters as well, since keywords, articles and creatives all have to be written properly for each market. Test a country with a small budget and judge it on RPV against CPC, not on RPC alone.