Sports Betting Giants Unleash $72 Million Fury on U.S. Midterms

Online sports betting companies have unleashed a jaw-dropping $72 million on the U.S. midterm elections, with DraftKings and FanDuel leading the charge, as competition from prediction markets like Kalshi and Polymarket intensifies.

This industry, now the third-largest corporate donor in the midterms, trails only crypto and technology sectors, according to Public Citizen. Their goal? To elect candidates who will back their interests.

DraftKings, FanDuel, Fanatics, and bet365 have funneled cash into Win for America, a super PAC that targets both Democratic and Republican state races through affiliate PACs: American Future and the American Conservative Fund.

Super PACs can rake in unlimited donations from corporations and individuals, spending freely to support candidates, but they cannot coordinate directly with campaigns or make direct donations.

Launched late last year, Win for America’s spending is unprecedented for the sports betting sector. Rick Claypool, a research director at a nonprofit group, slammed it as a corporate money juggernaut, likening it to the AI and crypto industries, which have each splurged over $100 million on midterms.

Win for America and FanDuel have remained silent on inquiries. DraftKings, Fanatics, and bet365 also did not respond.

Backing candidates doesn’t guarantee legislative support once they’re in office, but corporations are betting big that their investments will yield returns. The impact of this spending is already visible in state races.

In Georgia, Win for America poured over $12 million into two smaller PACs—American Conservative Fund and American Future—as the state legislature considers legalizing gambling. Campaign finance records reveal that this money targeted 34 legislative races ahead of the primary, with nearly all candidates backed by the industry emerging victorious.

American Future and American Conservative Fund did not respond to requests for comment. Polymarket and Kalshi also failed to reply.

Win for America is aggressively targeting Pennsylvania races amid discussions to raise taxes on online sports betting to fund public transportation.

The industry initially contributed $43 million to Win for America in the first quarter, followed by another $29 million in the second quarter. These figures don’t account for all spending on state races or contributions to dark money groups that conceal donor identities.

In 2021, DraftKings, FanDuel, Fanatics, and BetMGM formed the Sports Betting Alliance to lobby Congress and state legislatures for the continued legality of online gaming across the U.S. Notably, BetMGM has not contributed to the super PAC.

DraftKings has shelled out at least $34 million to Win for America, with FanDuel contributing at least $27 million. Bet365 and Fanatics each donated $5.5 million during this election cycle. Bet365’s contributions come through its U.S. subsidiary, Hillside (Shared Services US) LLC.

DraftKings has also given over $1 million to other committees while FanDuel has added another $2 million in donations.

A landmark Supreme Court decision in 2018 dismantled federal restrictions on states legalizing sports betting. Since then, 39 states and the District of Columbia have legalized some form of sports betting, with 33 states permitting online sports betting, according to the American Gaming Association.

The industry’s lobbying expenditures have surged in recent years as a result. OpenSecrets reports that FanDuel spent $1.1 million on federal lobbying last year—seven times more than in 2024—while DraftKings more than doubled its annual lobbying budget to around $900,000.