And here is when people fail to understand that warez isn't about money. Actually you can make money but not lots of money. Now if you had the same traffic for a non warez site you could have been banking thousands of dollars. But you can't do the same for warez. My personal experience example, one of my non warez sites with only 100-200 UVs a day generates me around $50-100 a day, whereas, one of my warez sites with around 6000UVs a day only generates me $20-40 a day. So you do the maths.
So there are 2 things you can do.
If you want to make money online, just try some non warez niches.
If you want to run warez sites, just don't think of earning too much from them.

That all said, the best way you can earn from a warez sites is CPA, such as paysites including friendlyduck etc. Other options such as CPM can also generate you few bucks.

Hope this helps.

Regards

Regards