It’s fun to follow your favorite sport and watch the games throughout the season. It’s even more fun to play fantasy sports to have a chance at making some money without having to gamble for it. An even bigger thrill is to start your own fantasy sports league and be the commissioner.
There are responsibilities when you are the commissioner of your league, such as setting the rules and enforcing them. However, you will be making a little money whether you win or lose and you are in control of how the season goes. In this article, we will go over what you need to do to make this a reality.
1 – Pick the format
There are a few different ways to play fantasy sports regardless of the type of sport it is. Every sport has the possibility of becoming a fantasy league so you are free to decide which one works best for you and your friends.
However, beyond picking the sport, you can also decide on the format. There is a season-long league that involves the entire season of the sport. You can also decide if you want the playoffs to be part of the season, or if that involves starting a separate league for those games.
In addition, there are one-day leagues that literally only last one day of the week when games are played. These are called DFS, or daily fantasy sports. Every sport can be played as a one-day league like MLB DFS.
In this scenario, you can set up a time for a draft and then have everybody set their roster. Winnings are paid out after all of the scheduled games are played for that day.
2 – Set up fees
One of the biggest benefits of running your own league is that you will make a little bit of money from it. You charge the owners fees to buy in for the season. You can charge whatever you like as long as the people who want to play are willing to pay what you’re asking.
Most of the fees will go toward the prizes such as first, second, and third-place finishes. If there are any expenses that are involved with the season, such as catering for a draft party, then this will come out of the fees as well. The rest is yours to keep.
In addition to the fees for buying in to play the season, you should also impose penalties for infractions during the season. These can range from collusion to unsportsmanlike behavior.
3 – Make a set of trade rules
Having a set of rules to guide the season is essential. This is particularly important when it comes to trades. Trading is a major part of an owner’s strategy so it needs to be clear what the rules are to be able to make the right trades.
An example of a trade rule is allowing owners to veto a proposed trade.