A custom ad selection and delivery system may include an ad selector to select candidate ads for one or more ad avail opportunities, a bandwidth resource manager to provide information about available bandwidth in a content delivery system, and a policy manager to weight ad avail opportunity versus bandwidth costs to delivery customized advertising to subscribers, and to cause allocation of bandwidth and insertion of customized ads into multiple program streams comprising the same program content but different ad content, and to cause different subscriber equipment to map different program frequencies to similar content streams having advertising content inserted therein that is customized to different subscriber demographics.