Gingrich raises $1M off South Carolina victory

Newt Gingrich raised more than $1 million in a "moneybomb" fundraiser in the 24 hours following his win in the South Carolina primary.

That cash should help the former House Speaker settle some of the debt he built up in the Palmetto State and begin to campaign in Florida, which is expected to be among the most expensive primary states in the nation. The Wall Street Journal estimated that it could cost as much as $10 million to campaign in Florida, where candidates must both purchase advertisements in 10 distinct — and expensive — media markets, and fly across the state.

But Gingrich still has a sizable financial disadvantage to make up. At the end of the last reporting period, Romney held over $14 million more than Gingrich in the bank. The Journal is also reporting that the Romney campaign anticipates raising more than $10 million in anticipation of the Florida primary.

And while the $1 million Gingrich raised in the past day will certainly buoy his prospects, his Republican opponents have also shown an ability to raise that kind of money. Ron Paul has raised as much in "moneybomb" fundraisers nearly every month of the campaign, with one December event bringing in more than $4 million.

The Gingrich campaign is already hoping to continue its momentum, pushing to raise another million off the South Carolina win. Romney, by comparison, raised $2 million in a one-night Florida fundraiser with some of his wealthiest supporters, the Journal reported.

Still, Gingrich has one important backer — Las Vegas casino billionaire Sheldon Adelson. Adelson has already donated millions to a super-PAC backing Gingrich, and the campaign hopes that he will continue to fund important advertisements for his Florida push.

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