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I like this analysis.

And if you're clever, you can place your campaigns so that you minimize exposure to fraud, such that you pay for X and get X, while at the same time your banner ads are cheap because the market in general is wary of fraud.

Of course, this lunch isn't totally free in that it costs time and money to avoid fraudulent placements and sites known to have low bot rates have ad space that trades at higher CPMs.



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