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Of course it makes some owners made, but there are two ways of looking at it.
If you are a program owner you want all of the top 10 results to direct to your site -- no a competitors. I found one program where a top keyword (not the exact site name, but it contained the name) was directly to a site with tons of free pics hosted on a site covered with PPC ads. Of course, I sent the sponser an e-mail and the site was down in a few hours.
Sponsers are losing a lot of traffic for keywords they, or their affiliates should be ranking for. When someone searches for your site and finds free content or a link to a competitors site that isn't good.
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