Laravel Scheduler not running daily

I have laravel scheduler set up to run daily and do a db backup. This will not work, but it will if I change to everyMinute(). Why cannot it not run daily, but works fine every minute?

Here is my cron:

* * * * * php /var/www/artisan schedule:run 1>> /dev/null 2>&1

And my command:

$schedule->command(
        "db:backup --database=mysql --destination=ftp --destinationPath=`date +\\%Y/\\%m/%m-%d-%Y` --compression=gzip"
    )->daily();

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