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My theory is this:
1) You don't want to help your sponsors out with backlinks, so don't do keywords.
2) You want people to click intentionally out of interest, not accidentally so don't do the whole post.
3) You don't want to lose too much link juice so don't link out too often.
I usually link out once on the post with a big obvious "click here" or "click to see the rest" or "signup here" and then usually one other time in the image itself
- though I have been told that linking from the image will skew my ratios, I do it anyway and seems like I get occasional hits to my sponsors from hot-linkers, scrapers and google images.
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