Google AdSense for Domains is an advertisement service for domain names with no webpages or other content on them yet. Earn money with your undeveloped domain names using Google Adsense for Domains.
Purpose
Google AdSense for Domains is for owners of Internet domain addresses who don't have any content on them. Instead of seeing an error page, users who visit these domains see contextual searches and advertisements.
Requirements
Google AdSense for Domains requires an undeveloped domain with no other content on it. If you have a website on your domain, use Google AdSense for Content instead.
Policies
Google monitors pages using Google AdSense for Domains for compliance with its policies. Images and text designed to confuse users and trick them into clicking ads are not allowed. Domain names containing pornography, profanity, hate speech, gambling, drug or weapon-related content are also not allowed.
Functionality
Google AdSense for Domains displays a search result page when the undeveloped domain name is accessed. The search box on the page allows users to perform Google searches. Advertisements selected based on the domain name are also displayed.
Revenue
Domain owners earn money when users click the advertisements on their domain's webpage. The amount of money earned per click depends on the advertisement, as with other Google AdSense products.
Source - eHow