Several factors suggest that a competitive statewide political campaign in Texas requires deeper pockets than all but a few other battleground states.
The size of the state, which like California and Florida spans multiple large television ad markets, drives up advertising costs. The state ranks as one of the most expensive for digital advertising, a 2018 study suggests (it didn't cover political ads).
As the state shows signs of becoming less reliably Republican, it may become an even costlier prize. The 2018 Senate contest was the most expensive U.S. Senate election ever, costing the two contenders a total of $125 million as Sen. Ted Cruz battled to fend off Beto O'Rourke's challenge. The current governor, Greg Abbott, raised $78 million in his 2018 campaign.