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Video simulcasting enables a sender to generate replicated streams of different rates, serving receivers of diverse access bandwidths. As replication introduces noticeable redundancy, balancing bandwidth consumption with user satisfaction becomes a critical concern in simulcasting. This paper investigates the above issue; more explicitly, we seek answers to the following two questions: what is the number of streams that should be generated, and what is the bandwidth that should be allocated to each stream? We derive optimal and efficient solutions, and evaluate their performance under a variety of configurations. The results demonstrate that an optimal and adaptive bandwidth allocation significantly improves user satisfaction under stringent resource constraints, and an optimal choice of the stream number yields further improvements.