[c#] How to make picturebox transparent?

Just use the Form Paint method and draw every Picturebox on it, it allows transparency :

    private void frmGame_Paint(object sender, PaintEventArgs e)
    {
        DoubleBuffered = true;
        for (int i = 0; i < Controls.Count; i++)
            if (Controls[i].GetType() == typeof(PictureBox))
            {
                var p = Controls[i] as PictureBox;
                p.Visible = false;
                e.Graphics.DrawImage(p.Image, p.Left, p.Top, p.Width, p.Height);
            }
    }