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One of our competitors appeared to have a massive number of backlinks from a particular site, which was showing Adsense ads - with the competitor site displayed, there were no other links to the site from the page in the live version or Google's cached version of the page.
However we couldn't identify a consistent pattern of this happening or in fact find any other examples which were anywhere near as conclusive as the one result.
There are many people who claim the opposite, but, could it be possible that if Google is indexing and using it's own adwords as backlinks, people who show heavily on other peoples adsense programs are tripping filters which affect the natural serps for certain terms?
Next week, I investigate the 'moon landing' and explain why Shakespeare was actually 15 different people.