Montana Senate race shatters spending records at $309 per registered voter

Tester has outspent his Republican opponent this cycle, spending $69.6 million with about $7.4 million cash on hand, according to the latest filings with the Federal Election Commission (FEC) from September.  

Filings show Sheehy, a Navy SEAL and first-time Senate candidate, reported spending about $19.7 million during the same period this cycle.

Super PACs and outside groups have played a significant role in Montana advertising as Democrats pour money into a state where their majority in the Senate hangs in the balance.

Outside spending on the race totals about $154 million, according to a Fox News Digital review of FEC filings. Breaking down the numbers per candidate, outside groups spent about $61.1 million against Tester, while $15.8 million was dropped in support of his re-election bid. 

Total spending on the campaign, including contributions from outside groups, has reached approximately $243.3 million to date. There are 786,365 registered voters in Montana, according to the Montana Secretary of State, meaning the average spent per vote on the Senate race is about $309 per registered voter.

The race has seen a massive influx of funding from prominent billionaires such as George Soros and the Koch brothers, who founded and fund Americans for Prosperity Action. Other players in Montana include a $29 million investment from the Last Best Place PAC, $20 million from the Senate Leadership Fund and a $20 million investment from American Crossroads.

Other prominent Senate races have seen more spending this cycle, but their higher populations disperse the funds more widely on a per-voter basis. 

For example, more than $363 million has been spent on the Ohio Senate race this cycle, but with 8,159,880 registered voters, per the secretary of state's office, the spending amounts to about $44 per registered voter.

If the equivalent amount of money spent per registered voter in Montana was applied to the Senate race in Ohio, it would total over $2.5 billion.

Sen. Steve Daines, R-Mont., the National Republican Senatorial Committee chair, told Fox News Digital the spending is a reflection of the national implications of the race.

"I think it highlights the importance of Montana because Tim Sheehy's victory is the 51st seat for the United States Senate. This is what secures the majority for the Republicans and takes the gavel out of Chuck Schumer's hands. And that's why there's so much focused attention on this race."

Despite being outspent, the latest polling from The New York Times shows Sheehy leading Tester by eight points.