It appears it works both ways. You can bid on placement-targeted campaigns. But on the other side of the coin, website owners still have the option to exclude certain advertisers -- so if they didn't want your ad on their website, they can exclude certain domains.

Then again, adsense on business websites equates to every ad being a competitor for a site's traffic, since it whisks would-be customers off the site if they click an ad... But that's a different topic altogether.

As long as your ad doesn't compete with their website / business, I doubt it would be a problem.

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