This paper considers the Bayesian form of the fine-tuning argument as advanced by Richard Swinburne. An expository section aims to identify the precise character of the argument, and three lines of objection are then advanced. The first of these holds that there is an inconsistency in Swinburne's procedure, the second that his argument has an unacceptable dependence on an objectivist theory of value, the third that his method is powerless to single out traditional theism from a vast number of competitors. In the final section of the paper the fine-tuning argument is considered, not now as self-standing, but as one of a number of theistic arguments taken together and applied in the manner of the final chapter of Swinburne's The Existence of God. It is argued that points already made also block the way for this line of thought.