There are a few ways. The two most common ones.
Link on an ad: Makes money for the ad network. Example; Facebook ads make money for FB that the website pays when you click it.
Link on a website to another website: Usually makes money for the first website when you BUY something from the second website through a referral. The link has tracking parameters that tell the seller who brought that sale. The second website owners pays the first website owner, from the sale you made.
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