VS 2008 [RESOLVED] transparent label

I have a picturebox with a picture in it.
I have put a label over them and set its background color to transparent, and the font is red.

when I run the program I see that the label is not transparent, but white.

I would have expected to see only the font on the label, and the picture behind.


What am I doing wrong?

Or how can I do it right?

Thanks.