Abstract: A unique gaming format that can be played online and employs procedures for allocating game value units or points among a plurality of users (including through auction bidding and market-based transactions) and applies such procedures to determine certain rights with respect to such game value units or points in a manner that, when combined with certain external events (e.g., a real-life event-RLE), determines the outcome. The RLEs to which the format can be applied include any professional or amateur sports, reality-based television program, competition, or the like. In addition to the applicability to popular domains such as football and baseball, the game format can be applied to a broad variety of participants' particular interests, and can be configured to suit participants' particular playing styles, intensity, and competitive tastes.