| Hello Luc,
I am more an advertiser than a publisher, maybe this is why I hate arbitrage for a long time. For example we stopped using secondary ppc search engines mainly for this reason and I guess a lot did the same.
So YES arbitrage tends to kill PPC.
Arbitrage also leads to an horrible experience for the users.
Google is fighting these practices for years, I still remember a video from Google showing GEOSIGN (one of the arbitrage champion) doing arbitrage.
GEOSIGN get hited for abusing of these practices few years ago.
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