From my experience the best way to monetize an arcade site is through the combination of CPC and CPM banner ads. Place Google ads directly above and below games and around game listings. Place the CPM banners in areas that won't be clicked on as much, like the header and sidebars.
Depend on which people in country that click for you. If Americans click for you, you will get more than 1$/ click.
That's about right for an Arcade site. Arcade sites make a pathetic income in general, no matter the clicks.
Ya atm on my stats the front news baord and the side scraper get clciked the mopst in a day. what other ad services are out there