Earlier this week I participated in the annual player draft for my fantasy baseball league, a time-honored tradition that takes place all over the country and helps drive the $3.6 billion fantasy sports industry. In years past, our league had used a traditional “snake” format for drafting, which simply means that teams draft in a linear order in each round, the order reverses the following round and this continues until all team rosters are full.
This year, however, we decided to try a new auction format, where each team is given a budget of 260 virtual dollars to bid on players any way they desire. The auction draft is more complicated than a traditional system but can also be more stimulating, as the level of strategy necessary increases immensely.
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