The American sports betting industry spent at least $72 million preparing for the midterm elections - all while prediction platforms offer customers the chance to win money by forecasting the winners of races across the country, according to Reuters.
Key Takeaways
- DraftKings donated the most money ($34 million).
- Sportsbooks are rallying behind the Win for America PAC.
- Win for America is attempting to get candidates who resonate with sportsbooks into office.
Nonprofit organization Public Citizen estimates sports betting companies now represent the third-largest industry donor, behind only crypto and technology, per Reuters.
FanDuel, DraftKings, Fanatics, and bet365 have rallied behind the Win for America political action committee (PAC). Donations have been funnelled to affiliate PACs American Future and the American Conservative Fund, which are targeting Democratic and Republican races in various states across the country.
Although DraftKings, FanDuel, and Fanatics now operate prediction market businesses, they also run state-regulated sportsbooks and have continued advocating for policies they say protect those licensed markets from competing products.
Win for America only launched last year. It may accept donations and spend an unlimited amount supporting a candidate(s), although it cannot coordinate campaigns with or donate to campaigns.
DraftKings is the group's largest donor with $34 million in contributions, according to Reuters. FanDuel spent $27 million, and bet365 and Fanatics both offered $5.5 million.
Finance records show that Win for America received $43 million during Q1 and $29 million in Q2 of 2026. It is unclear exactly how much was spent in state races or given to nonprofits that do not have to disclose their donors.
“Win for America is ramping up to be another corporate money juggernaut,” said Rick Claypool, a Public Citizen research director.
For example, Win for America spent more than $12 million in Georgia state elections through two affiliated PACs while lawmakers debated sports betting legalization.
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Sportsbooks feeling the pressure
Sports betting companies say the spending is intended to elect candidates who support regulated gaming policies, including state oversight of sports wagering as prediction markets continue to expand.
Sportsbooks and prediction market operators operate under different regulatory frameworks, but the products increasingly overlap. Sports event contracts remain the most popular prediction market offerings and closely resemble traditional sports betting, though operators argue their peer-to-peer model makes them fundamentally different.
The Commodity Futures Trading Commission (CFTC) has argued in court that federally regulated prediction markets fall under its jurisdiction, while the Trump administration has generally taken a favorable view of the industry.
Prediction market operators have expanded nationwide, offering contracts on sports, politics, weather, finance, entertainment and other events.
Campaign finance transparency group OpenSecrets found FanDuel increased lobbying spending to $1.1 million last year, roughly seven times its 2025 total. DraftKings also more than doubled its spending to $900,000, per Reuters.
Prediction markets win big in Minnesota
In related prediction market news, operators scored a huge win in a federal court in Minnesota on Monday.
U.S. District Court Judge Katherine Menendez ruled in favor of Kalshi, Polymarket, and the CFTC, which had challenged the state’s outright ban of prediction markets. A bill signed by Gov. Tim Walz (D) was set to go into effect Aug. 1 before the judge ruled that the plaintiffs were “likely to succeed” in their case against the state.
