Political advertisements have become increasingly difficult to avoid as the Nov. 3 midterm election approaches. From billboards on the side of the road to advertisements on television and social media, political messaging seems to be everywhere.

But how do political campaigns raise money to fund their advertisements, and does spending more money on campaign ads lead to more votes?

How campaigns raise money

Political Action Committees (PACs) play a major role in helping campaigns raise money to fund advertisements and other campaign-related activities. Supporters of a candidate can contribute money to PACs, which can then donate up to $5,000 per election to a candidate. Since candidates can receive donations from multiple PACs, these contributions add up and provide campaigns with additional funding. Because PACs operate in different ways and are subject to different regulations, it is important to distinguish between traditional PACs, Super PACs and Dark PACs.

Super PACs

Unlike traditional PACs, Super PACs can raise unlimited funds of money for a campaign to either support or criticize political candidates through advertisements or other campaign-related activities. Contributions to the PAC that exceed $100 must be given as a check. Super PACs are also required to report their donors to the Federal Election Commission (FEC). 

Dark PACs

Dark PACs, also known as dark money, are different from Super PACs because the donors are not specified. Money gets donated to a nonprofit organization, who then uses the money to support a candidate’s campaign. Because the money is donated to a nonprofit, the names of the donors do not become known to the public. But like Super PACs, Dark PACs can also raise an unlimited number of funds for a candidate’s campaign. 

Does more money lead to more votes?

Spending more money on campaigns does not guarantee more votes. But for the past six governor elections in the state of Ohio, the candidate who spent more money has won the election five times. The exception was in 2018. Richard Cordray’s (D) campaign spent $3 million more than Mike Dewine’s (R). However, Dewine won by more than 150,000 votes.

2026 PACs

As of Oct. 28 heading into Tuesday's election for Ohio governor, Rep. Vivek Ramaswamy’s  campaign has spent $35 million compared to Dem. Amy Acton’s  $20.6 million.

PACs that have supported Ramaswamy’s campaign include American Electric Power, Elevance Health and the Ohio branch of the National Federation of Independent Businesses. Acton’s PACs include the Ohio Hospital Association, Columbus teachers and the Ohio life sciences industry.

What's next?

Whether Acton can buck the buck or Ramaswamy’s spending advantage translates to a victory will be decided on Tuesday.