How Does Google AdSense Decide Which Ads Appear on Your Website?

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How exactly does AdSense determine which ads to show on my content pages?

Is it just based on keywords?
 
How exactly does AdSense determine which ads to show on my content pages?

Is it just based on keywords?
Google AdSense shows ads based on your website content, the visitors interests, and real-time bidding from advertisers. The highest paying most relevant ad wins and is shown
 
Google AdSense shows ads based on your website content, the visitors interests, and real-time bidding from advertisers. The highest paying most relevant ad wins and is shown
If real-time bidding determines which ad gets shown, how does Google decide which advertisers are even allowed to bid on my ad space in the first place? Is there a pre-filtering system before the auction happens?
 
AdSense scans your page text for keywords. It also checks visitor interests and location. Then it runs an auction with advertiser bids and quality scores. The best match and bid win. So it’s not just keywords.
 
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