Fantasy football is now a $10B industry

As fantasy football grew more popular, the NFL began adapting

By the late 1990s, CBS, ESPN, and Yahoo had all launched their fantasy platforms, allowing the game to grow even more popular. By 2009, the NFL took note and began offering coverage that explicitly focused on fantasy metrics, including “RedZone,” a popular Sunday show that allows viewers to tune into the most crucial moments from around the league—or across their fantasy rosters.

One fantasy football league has been running for over four decades

The Fantasy Football League began in 1980, before fantasy football was available online. The group, which began in Northern California, originally used a touchdown-only format because it was easier to score in the preinternet era.

An estimated 49 million people played fantasy football in 2022

The number, estimated by the Fantasy Sports and Gaming Association, has grown exponentially since the start of the century. While fantasy sports in general are popular, football is the most popular, with an estimated 79% of fantasy participants playing fantasy football.

The first fantasy football league began in Oakland, California

Winkenbach organized the Greater Oakland Professional Pigskin Prognosticators League, the first fantasy football league. The game allowed team owners to draft players from both the NFL and the AFL, then separate leagues, and create an impossibly epic roster.

Fantasy sports have turned fans into 'second screen' consumers

The rise of smartphones made fantasy sports more accessible and contributed to a phenomenon called “second screen consumption,” where sports fans are not only watching a live broadcast but are simultaneously watching the statistics from that game play out in their fantasy matchup.

A 1930s card game birthed modern fantasy sports

"National Pastime" used the statistics of real Major League Baseball players to determine a winner, creating the template for the modern fantasy sports model.

100 years of NFL history in under four minutes

Founded in 1920 in Canton, Ohio, professional football has grown into the premiere sport in the US. Generating more than $20B annually, the NFL gained significant popularity after merging with the American Football League in 1970, a move which among other things established the Super Bowl.

Fantasy sports can also offer community

Fantasy leagues often carry over from year to year, allowing people to hang on to (or forge) connections with others. Matthew Berry, a fantasy football analyst for NBC Sports, argues, “the truth is it’s all about the people. It’s not the draft, it’s not the trash talk or the punishments … It’s the people who make the draft and the trash talk and the punishments and the winning what it is.”

The 300 best fantasy football players ever

Fantasy leagues (and their corresponding group chats) are no strangers to arguments, and this list will likely inspire a few spirited ones. Ten ESPN writers were asked to pick 30 of the undisputed greats of fantasy football, making for a fascinating look back at the all-stars of the digital gridiron

Fantasy football is a head-to-head game based on NFL stats

Competitors draft players from across the NFL, then earn points for their real in-game achievements, like touchdowns, receptions, and interceptions. The team with the most points in a given week wins.

A 2024 cheating scandal cast doubt on the industry

In 2024, National Fantasy Football Championship, a fantasy league with big payouts, fired one of its employees for manipulating data. The episode cast doubt on the relatively unregulated industry, despite the league coming down hard on the nefarious worker.

Experts suggest the industry could be a $45B business

Sports betting used to primarily consist of who would win and the points spread, but the rise of online betting apps has fueled a substantial increase in parlay bets. "Existing markets are still growing at a rapid clip," said Noah Naparst, who evaluates sports-betting companies for Goldman Sachs. "So we’re not mature yet, but we’re not in the early wildcat days of the market anymore, either.”

The decline in value of the NFL running back

Running backs long held the role of superstar on NFL teams, carrying their team down by down to the endzone. Their salaries reflected that importance as well. But in the last 30 years, front offices and fans have taken more to the quarterback instead, who receives much higher salaries. This podcast episode breaks down the economics of the turn in the game's focus from rushing to passing.

The World Football League, the most disastrous sports league ever

In the mid-1970s, a group of investors attempted to compete with the dominant National Football League. This short video highlights the league's intriguing innovations and speedy downfall. The investors dubbed their project the World Football...

Understanding the basics of football

While American football may be entertaining, for fans who never played the game it can be confusing. Why do teams choose to run, pass, line up in certain defenses, run people in motion, call audibles at the line—or do any of the many other things that happen on the field?

The fantasy-based tabletop role-playing game 'Dungeons and Dragons' has seen a renaissance in the last few years

It's becoming mainstream after being relegated to the dorks for decades. LinkedIn cofounder Reid Hoffman has contemplated the role the game played in his own formation as a person and a business leader.

Explaining the rise in adult sports leagues

Community sports leagues shifted from publicly supported entities to privatized ones in the 1990s, as tech advances streamlined registration processes. Millennial interest drove significant growth in social sports leagues for adults, growing much faster than other kinds of sports. A few industry leaders have benefited from this shift.

How America became a nation of gamblers

For thousands of years, humans have liked to gamble. What started as dice games and betting on chariot races became a way for states to generate revenue here in America. This article explores how states have been using gambling to pay for infrastructure and capital projects–and the cost it’s had on the citizens.

College football generates over $11B annually—but many programs run at a loss

Despite total revenues surpassing $11.5B in 2024, college football’s high operating costs—$14.5B in the same year—mean only a handful of top programs turn large profits, while most run at a loss.

The global horse market is worth about $400B

In this podcast episode from a new series on horses, Freakonomics explores the market around buying and selling some of the world's top sport horses, and the nebulous forces that make them so valuable.

How venture capital firms came to be

The venture capital firm that kickstarted an industry.

How the soccer World Cup works

The World Cup is the biggest game in the world. Watch this video to learn how it works and how it came to be such a massive world event.

How Tencent became one of the world's most valuable social network firms

With 1.4 billion users on WeChat, Tencent passed Facebook in 2018 in terms of market capitalization ($580B as of May 2025). However, while Facebook relies almost entirely (98%) on advertising for revenue, Tencent's growth relies on diverse revenue streams from video games, e-commerce, and more.

Why do people play farming simulation video games?

This article is an anthropological dive into farming simulation video games. Humans began experimenting with agriculture and farming about 12,000 years ago, though it would be another 8,000 years before the practice became a common approach across...

Watch a video about how cellphones conquered the world

A fight with a telecom giant. A stunt call on a New York sidewalk. A forgotten memo that rewired the world. Host Sony Kassam sits down with Marty Cooper, the father of the cellphone, and Arlene Harris, the first lady of wireless, to explore the innovation, politics, and high-stakes battles that pried connectivity out of corporate control, unlocked the airwaves, and built the always-on world we live in today, for better or for worse.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Watch this video that uses Lego bricks to explain how venture capital works.

Exploring the Larry Bird punch that almost changed March Madness

The 1987 Nintendo video game 'Stadium Events' isn't known for being particularly fun, but its scarcity has made it a highly sought-after item that has sold for up to $35K at auction.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

A century of Billboard issues documenting the evolution of popular music.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Learn more about the history of fireworks, which dates back to an accidental invention during an alchemist's quest for information about immortality.

After 25 people used virtual reality headsets to practice flying with virtual wings—flapping their arms—their visual cortex responded to the wings almost as if they were real arms, treating them as body parts.

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Explore our favorite visualization of the immense scale of space, from an astronaut to the size of the observable universe

See how Ebola tore through Guinea, Sierra Leone, and Liberia in 2014-2016.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Browse a detailed visual analysis of over 200,000 similes—comparisons that often use 'like' or 'as'—from popular fiction to see how frequently writers the same idiomatic expressions.

Take a 3D tour of the Hajj, Islam's annual pilgrimage to Mecca, undertaken by over 1.5 million Muslims.

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

Some researchers have labeled nomophobia, the fear of being without your phone, as 'the phobia of the 21st century.'

The use of fungi to detoxify land and water—a process known as mycoremediation—has been used to clean up natural resources affected by the 2025 California wildfires.