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" ... Ad arbitrage doesn’t work without fraud. But yet, everyone’s doing it. And it is highly profitable for them. Note that instead of 1 ad on the page, those eager to earn more revenue can simply stick 100 ads on the page, or 1,000, whatevs. They’ve also renamed it “traffic arbitrage” because if you can buy traffic at $3 and sell ads at $5, you pocket $2. Traffic arbitrage is enabled by “guaranteed traffic” which sounds great, until you realize it’s impossible in real life. Humans don’t click ads that much, let alone at a 100% rate. The following examples show just how profitable “traffic arbitrage” is — you put in $1 and you get $41 out (a 41X return). Why wouldn’t fraudsters put the next dollar in? They’re perpetually MAKING money. ... "