The present invention embodiments pertain to conducting fantasy sports or other competitions, where users select or draft an entirely new team of professional players each week (or at other suitable time interval). The competition types (including playoffs) include fee based and free. Each fee based competition has a pre-determined entry fee, and prizes are awarded to the winner of that competition each week. The free competitions similarly include weekly prizes and further provide for a grand prize. Within each of the free and fee based types of competitions, users may compete in a “private” competition or a randomly composed “open” competition. Users within the free and fee based competitions may accumulate points that qualify for redemption to obtain prizes. These points are accumulated based upon the statistical performance of the drafted players for each team. The present invention embodiments further provide mechanisms for information sharing and interaction between users.