A gaming system and method which forms, tracks and maintains one or more groups, teams or pools of players. Each group, team or pool includes one or more players (i.e., team members). A player's participation or involvement with the group or team enables the player to access one or more benefits otherwise not available to players unaffiliated with the group or team. That is, based on a player's association with a formed group or team, the gaming system provides the player with one or more benefits, such as an award, an opportunity to win an award, or a modified probability of winning an award.