Hybridtheory, that's not actually venturi, although I see what you're trying to accomplish with it, and I bet it works just fine for injecting air bubbles.
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Yea its not a venturi it just uses the flow of the water to create negative pressure on the oppissite side of the air line. Which then create's suction and draws in air into the flow of the water from the pump.
or a venturi
Not all venturi's have to look like the ones pictured in the link. There are a few mandatory principals that have to be present to call something a venturi.