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It's basically a numbers game....
Example... say there are 100 registrars.
If you have exclusive deals with 10 of them, then, all other factors aside (like server location or configuration), you have a 10% chance of getting any domain you are trying to "snap" up.
Using the same example, if POOL has exclusive deals with 50 of those registrars, then odds are, they can get 1 out of every 2 domains they go after (if they allocated all their connections for that domain).
So even if you had only ONE exclusive deal with a registrar, you could still go after a considerable amount of expiring domains with lower demand & be fairly successfull at getting them.
Make sense?
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