As the campaign over the Nov. 4 slot machine referendum heads into its final weeks, the pro-slots group For Maryland For Our Future has raised more, spent more and has more cash on hand than the opposition.

The organization raised almost $3.8 million, according to a report filed Friday with the State Board of Elections. It covers transactions through Oct. 5.

The biggest donors include the Laurel Racing Association and Penn National Gaming.

"Obviously the stakes are high for the track owners and gaming interests. This is their golden opportunity," said Dan Nataf, a political scientist at Anne Arundel Community College and director of the Center for the Study of Local Issues. "They have a 'we can't lose this' mind-set."

After some significant spending - including more than $1.4 million on media and $1 million on a door-to-door campaign - the pro-slots side still has about $559,000 left until the referendum vote Nov. 4.

Slots opponents have a less robust financial situation.

Marylanders United to Stop Slots, the umbrella group for anti-slots advocates, has raised about $411,000, nine times less than their adversaries, according to the State Board of Elections. The largest expenditure has been about $121,000 on media, and the group has almost $143,000 left.

Another anti-slots group, Stop Slots Maryland, raised about $20,000, according to Aaron Meisner, its chairman.

The campaign contributions illustrate one of the major debates resonating throughout the slots fight.

The pro-slots side has shifted the conversation away from one of the consistent mantras of expanded gambling - that slots money is needed to support a horse industry battered by falling popularity and more lucrative out-of-state competition.

For Maryland For Our Future consistently has focused on the benefits slots will have for education. By fiscal 2013, 15,000 slot machines would bring in $660.3 million for the state's education spending, according to the state's Department of Legislative Services.

In recent weeks, Gov. Martin O'Malley also has described slots as a way to help solve the state's budget troubles. The governor has to cut hundreds of millions of dollars to balance the budget this year because of falling revenues, and Maryland could face a $1 billion deficit next year.

Slots opponents point out there is no guarantee the slots money will be used as new education funding instead of just replacing what is spent now. They also say gambling interests will significantly benefit: In 2013, licensees will get $449.3 million, and horse-racing purses and tracks would receive significant subsidies as well.

Who is donating to the campaign, however, is less important to voters than the prevailing notion that Maryland "is (financially) tapped out," Mr. Nataf said.

"The heart of the issue is, 'Is this going to add to the coffers?' " he said. "You need to deal with that argument as an anti-slots person."

Large donations

The biggest donations to For Maryland For Our Future are $2 million from the Laurel Racing Association and $1 million from Penn National Gaming.

If the referendum passes, Laurel Park would be able to bid for a slots license allowing up to 4,750 machines, and Penn National has secured land for a potential site in Cecil County.

Another $300,000 came from businesses and people associated with William Rickman, the owner of Ocean Downs racetrack in Berlin, a facility that would be eligible for the Worcester County slots license.

Other notable contributions include $300,000 from the Maryland Thoroughbred Horsemen's Association and $150,000 from slot machine manufacturers.

The largest contributions to Marylanders United to Stop Slots do not come close to the heights reached by the pro-slots side. The James G. Robinson Foundation, headed by the Baltimore-native film producer, gave the most with $75,000.

Stewart W. Bainum Jr., who is the chairman of Choice Hotels, gave $55,000, and Ocean City businessman Hale Harrison's Harrison Group donated $50,000.

Slots opponents were quick to attack the pro-slots contributions.

"The slots referendum is truly a David versus Goliath struggle, with the special interests pouring millions of dollars into passing this gambling CEO bailout," said Scott Arceneaux, a senior adviser to Marylanders United to Stop Slots.

The donations were defended by Steve Kearney, a For Maryland For Our Future spokesman, as necessary to counter attacks made by anti-slots groups and outspoken opponents such as Comptroller Peter Franchot.

Businesses based on horses need the boost from slots to survive, he said in an e-mail.

"This support should come as no surprise considering that their industry's very existence is at stake," Mr. Kearney said.

Large finances create a greater opportunity to break through the background noise of the election year and reach undecided voters, Mr. Nataf said, a chance magnified by Maryland's sideline status in the presidential race.

"Obviously, that gives one side the advantage," he said. "In Maryland, we don't have much of a presidential election."