We consider a two-candidate campaign competition in majoritar-
ian systems with many voters. Some voters are loyal, some can be
influenced by campaign spending. Own loyalty with respect to a can-
didate is the voter's private information. Candidates simultaneously
choose their campaign budgets and how to allocate them among the
voters. We show that a candidate who has a group of loyal voters
wins with a higher probability, but chooses the same expected budget
size as the rival candidate. The equilibrium distributions of campaign
spending target all voters equally in expectation, but target some vot-
ers more than others ex post.