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Aha, that setting doesn’t work with the AJAX load more button right now.

For now, use this CSS:

a.wp-show-posts-read-more {
    padding: 10px 20px;
    display: inline-block;
    color: #ffffff;
    background-color: #4a8fcb;
    border: 0;
    font-size: inherit;
}

a.wp-show-posts-read-more:hover,
a.wp-show-posts-read-more:focus {
    color: #ffffff;
    background-color: #1e73be;
    border: 0;
}

You’ll obviously have to update the color values if things change.