I was thinking, maybe you could have leagues for events, and players are placed into the leagues based on exp (like, say, 0-5000, 5001-20k, 20k1-100k,100k1-500k, 500k1-2m, 2m1-10m, 10m1-50m, etc for the league xp ranges)
Then you are only competing with people close to you in total worth. This, I think, would draw a lot more people, especially low level players, into events. And higher leagues could have better prizes.
Event ideas (leagues)
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