Hello, i own a small arcade website http://enarcade.com and i am currently using Valueclickmedia which is making me around $1.20 cpm for banners i was wondering how could i possibly gain more traffic??

It is better if you can have good page rank for your web site.
I'm a professional SEO and can give you a nice SEO package which will enhance your page rank and thereby increase the traffic.

Sounds to me like you need a little search engine optimization, or atleast a few pointers about how to gain traffic.
If you'd like to chat about it feel free to contact me on my web site, the link is below.

I suggest promoting your site on forums - Teen forums which have regular users who are around the age group playing the games. Also try and get some links on news sites

select your best keywords for your site.Go for search engine optimisation by creating backlinks to your site

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Why don't you try Google Adsense it pay bigger money. You can also add CPA offer on your site.

adsense probably fastest http://thefortune.info/index.php?ref=reneek1

yes, google adsense is the best for you to earn more money from your site.
Create more back link and get more traffic.

True, for mobile site, I'd suggest Admob or MobGold. if you have an extra money that is, otherwise just optimize your site with Search engine available. put on forums, your social networking account, etc.

try google adeses

yea, try using ad networks to further introduce your website to potential customers, and maybe providing mobile version of your site also good since more and more people browse the internet from their phones...
there are also many mobile advertising networks that allows you to target your audiences in order to increase click through rate