The expansion of sports gambling across the country is leading to a business opportunity for at least one Madison company.
RotoWire, one of the most popular fantasy sports companies in the country, has announced a plan to launch CoverWire, a free service that provides information such as injury reports, trades, statistics, trends and other knowledge to gamblers.
“We’re going to try and do the same thing for sports betting that we’ve done for fantasy sports,” said Peter Schoenke, president of RotoWire, who founded the company with two others in 1997. “It’ll be all the things that impact the outlook for a sports bettor.”
Schoenke said his site will not be taking bets but is providing just information. In the last year, RotoWire had over 100,000 people purchase products for fantasy sports leagues and Schoenke believes a similar market exists for sports betting information.
The company hosts thousands of fantasy sports leagues in numerous sports including football, baseball, basketball, golf, hockey and tennis, among others.
RotoWire, and now CoverWire, are housed in offices on Regent Street near the Kohl Center and employ 30 people in Madison.
Schoenke, a lobbyist for the gambling and fantasy sports industries, testified in favor of sports gambling in Iowa and is hopeful Wisconsin also votes to legalize the practice, but admits the presence of Tribal Nation casinos will likely slow the process.
“There’s a lot of consumer demand,” Schoenke said of legalized sports gambling. “At some point I think (sports gambling in nearby states) is going to impact casino revenues in Wisconsin.”
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