[ahtihn]

> Some estimates for 2025: around 20-30% of all ad clicks were bots. Around $200B in ad spend annually lost to click fraud.

I think this is the wrong way to look at it.

Bots lower the cost per click so they should have net zero impact on overall ad spend.

Imagine if the same number of humans were clicking on ads but the numbers of bots increased tenfold. Would total ad spend increase accordingly? No, it would remain the same because budgets don't magically increase. The average value of a click would just go down.