I'm pretty sure the requirements need to be adjusted.
It's just not fair and I'm pretty sure BetPanda and LM will reconsider those requirements.
Let's give a chance to small gamblers.
I also agree, adjusting the bet value to some lower values will allow many gamblers to be part of the contest and $10 is quite high per bet for most of the gamblers and that's why I also believe that LM and BetPanda should reduce the minimum bet amount so many new players who aren't big gamblers can participate in the contest.