1. A method comprising: identifying, by one or more servers, an opportunity to provide a content item having distribution criteria matching a phrase of one or more words; determining, by the one or more servers, that the phrase matches each of a first distribution criterion and a second distribution criterion that are used to distribute content for a given content sponsor; determining, by the one or more servers, that a first match between the first distribution criterion and the phrase is a more specific match than a second match between the second distribution criterion and the phrase; determining, by the one or more servers, that the first distribution criterion is associated with a first bid that is lower than a second bid associated with the second distribution criterion; in response to determining that the first match is more specific that the second match and that the first bid is lower than the second bid, reducing, by the one or more servers, the second bid by a specified amount to obtain a reduced bid; selecting, by the one or more servers, one of the first distribution criterion or the second distribution criterion as a winning distribution criterion based, at least in part, on the first bid and the reduced second bid; and providing, by the one or more servers, data specifying the winning distribution criterion.