In case of 20$ per participant:-
7* 20$= 140$
60% of this amount is 84$ which will be given to the topper.
The more you decrease the participating money, the less the reward, which may decrease the overall interest of the participants.
This is true only if there are few participants, but I feel that many people will participate this time around since there are already close to 10 participants and there is still a lot of time left for IPL to begin which is why lower fees might be the better option.
It would be nice to have a sponsor. but if there are more participants, maybe we can run the pool without sponsors.
I feel the same way. More participants would make the pool more entertaining overall with/without a sponsor. Let's see how it goes.