Using Money As Incentive For Competition On Consoles?

MTV's Multiplayer blog reports on a company about to start offering a service that will allow players to compete in matches and tournaments over their PS2, PS3, or Xbox 360 with real money as a prize. Doing so will, of course, require entry fees, but the contests are set up and opted into by the players themselves. Quoting: "To prevent cheating, the company has access to the game data and promises a knowledgeable in-house customer support team. There's also a reputation and feedback system, which Levy compared to eBay, that will allow gamers to make informed decisions about who they're playing against. ... [Company co-founder Billy Levy] ultimately thinks World Gaming will open up the field for gamers who want to make money from games but can't make it to live competitions due to the expense or having to take time off from work or school.