Systems and Methods for Creating and Maintaining Real Money Tournaments for Video Games

A system and method of awarding a participant with a real or virtual prize over a network, the system and method comprising present one or more details of a match in the session application to the participant over the network to the remote participant computer for selection of the match, wherein the match is associated with at least one prize type, receive a request from the participant to join the match, the request including a participation type associated with the participant and participant characteristics, determine participant eligibility to participate in the match and receive the at least one prize type associated with the match by comparing the prize type, participation type, and the participant characteristics with a set of eligibility requirements for the match, if the participant is eligible and achieves a win condition then award the participant the prize associated with the match and the prize type.