Antoine makes a very good point. You can do very well with strong backlinks alone on Yahoo or Google.
Do a search in Yahoo for “gambling” and you will see that #2 spot is a pharmacy site with over 32000 links and no gambling related content whatsoever.
So, content does matter if you want to get ranked high with as few backlinks as possible, but you can still get great rankings for tough terms if you throw enough well anchored links at a site.
Sad, but true…
Kevin 11