The 2016 presidential race is shaping up to be the most expensive in history – nearly a billion dollars spent so far, according to year-end campaign finance reports released Sunday. Nearly half of that is from super PACs, with varied results.

It is partly because of the millions pouring into Political Action Committees. But political experts say big money is not likely to sway Iowa voters tonight.

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However, a group backing Jeb Bush has raised more than $100 million and seen little payoff, according to Stanford Law professor Nate Persily.

“I think it shows money hasn’t really made much of a difference yet. In particular, super PAC money hasn’t made much of a difference,” said Persily, who served on a presidential commission studying long lines at the polls during the 2012 election.

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“The impact of Donald Trump on this race cannot be overstated. I think that he has changed the nature of the game,” Persily said.

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But does money translate to votes? Persily says candidates need about $10-20 million to make it to this point in the race, “but after that it’s not as if every dollar buys you an additional vote.”

Though money may not talk in Iowa, Persily says campaign finance reform is still a must.