Dan Patrick Backing New Online Alternative Fantasy Sports Venture
Sports TV and radio host Dan Patrick will help Wisconsin-based online gaming company Cover5 "roll out a national promotion for its fantasy sports alternative,” according to Kathleen Gallagher of the MILWAUKEE JOURNAL SENTINEL. Cover5 is a “was designed for fans who are tired of spending endless hours contemplating trades, scouring injury reports and worrying about weather conditions.” Instead of drafting individual players, Cover5 football league participants “choose five favorite teams.” The more points their teams score “above a spread that is set every Tuesday, the more points the participants score.” When a team “doesn't beat the spread, the participant loses points.” Patrick’s agent, Bryan Le Monds, said that his client was "approached by" and will be a "business partner" with Craction Founder & CEO Scott Schmidt in the venture. Le Monds said, "I really believe Dan wants to change the world of how we experience sports." Cover5 CFO Roger Orlady said that the company has “raised $300,000 from Schmidt's friends and family and an additional $200,000 from outside investors.” He added that it “will need to raise more outside funding to realize its potential.” Orlady said that Cover5 “plans to unveil a smartphone app by mid-August and is in discussions with a number of restaurants and bars to run sports leagues for them.” Schmidt said that the company also “will earn revenue from selling special features packages to participants and soliciting sponsors and advertisements for its site.” Orlady said that Cover5 will offer “professional and college football and basketball this year, but its unique format could support rugby, horse racing and even the Lumberjack World Championships” (MILWAUKEE JOURNAL SENTINEL, 8/5).