without this module all offer you add will be publicly available to all publishers to send traffic . if you want publishers to apply for the offers and you manually review their application and then approve it then you can use this modules.
When this feature is activated. you will see another offer in the 'Offer Addition' page called 'Offer Availability' which will have two options :
If you select the moderated option then publisher will have to apply for that offer . which will create a ticket .you can approve or deny the application through the ticket itself.
Category : Documentation