So, the games end with the last man entering the game and that last man gets the entire pot. This is a never ending game cause the deadline gets extended with the last man. Why would anyone play this game when no one know when this game ends. I am not sure if it falls under a Ponzi scheme. I think it would be right to call it a scam.
This is a lottery game, someone will eventually win when no other person enters the game. When you play a normal lottery, your odds of winning are low but you don't call it a scam because you didn't win.
Meaning this lottery game is not intended for small players, because it will end in vain for them. And I'm also not sure, the whales will play games like this because they are not that stupid to play on a scheme like this. This game will continue without interruption and the time limit will continue to be extended, I'm not sure the whale will be willing to play that long.