Google Shuts Down AdSense Arbitrage
Arbitrageurs take advantage of inexpensive AdWords campaigns to drive traffic to Web pages optimized for expensive AdSense campaigns.
The practice isn't explicitly forbidden by Google, but many practitioners may be creating low-quality pages developed solely to hang ads, and that is a violation of Google's Terms of Service:
No Google ad may be placed on pages published specifically for the purpose of showing ads, whether or not the page content is relevant.
In the end, this was probably a wise move for Google. It means that AdWords advertisers will know that the price of their advertising campaigns aren't being driven up by arbitrage, and it means that users clicking on ads are more likely to be taken to relevant content.


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