Neat idea. Not to get off topic, but I've always liked the honor badge system from WoW where you buy equipment and combat pots. Would be nice to see that as well. Right now, there's no payout from PvP except bragging rights (and for some people, ego boosting). Not to say there necessarily has to be payout, but it keeps your fans interested for sure.
Back on topic, this wager system idea would be interesting.
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