Owners select players for their fantasy teams in a variety of ways, but the most popular is by drafting players. In smaller leagues, this is done by gathering the owners together and taking turns “drafting” players for their roster before the season starts. For example, a fantasy football draft would be held before the National Football League season begins, and players would meet at a centralized location to take turns picking players for their fantasy football roster. Larger leagues may use online tools for drafting, including automatic selection of players. Owners can then negotiate trades with other owners to acquire the players they want.

Fantasy sports have morphed into a big business. The Fantasy Sports Trade Association estimates nearly 30 million people in the United States and Canada participated in a fantasy sports league in 2007, with an estimated impact of $3 to $4 billion. Some leagues are free; other leagues charge a fee.

Online leagues such as those found at major sports sites such as ESPN, Yahoo and CBS SportsLine attract millions of participants motivating companies to invest heavily in the fantasy sports market. While fantasy football is the most popular fantasy sports venture, fantasy baseball, basketball, hockey, racing, cricket, soccer and golf leagues attract millions of owners.