Great idea!
It would be better to require betting with minimum stakes as entrance fee.
It could look that way:
After the fighters are announced, the bets will be given to someone and written down.
How much has been bet on someone in total will be publicly announced.
50% will go to the winner of the fights or the fight.
The other 50% is distributed to the winners. The amount per win is divided by the betting participants.
It would be better to require betting with minimum stakes as entrance fee.
It could look that way:
After the fighters are announced, the bets will be given to someone and written down.
How much has been bet on someone in total will be publicly announced.
50% will go to the winner of the fights or the fight.
The other 50% is distributed to the winners. The amount per win is divided by the betting participants.