"Ads: The adserver selects ads based on your preferences (if any are set) and your IP-address's guessed geographical location (at least one company sells such information). In some case those IP-to-Geo mappings can result in you getting ads for another region (For a time I got Austrian ads, not Norwegian, because the IP block I was on had been reassigned from Austria to Norway by the international ISP I am using)."
Also: Is Opera spyware?
"Opera is adware, not spyware. The webmasters of some spyware sites appear to have changed the definition of spyware to include adware, but adware does not necessarily spy on the user. The Opera browser does not monitor your surfing habits, and it does not gather information about you or your system. You can voluntarily use Opera's ad preferences to receive targeted ads, but you have to enter this information manually in Opera's Preferences. This information cannot be traced back to you."
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