Wagering $50k does not mean you have to spend that amount, lucky player may wager $50k with $100 starting balance only or maybe less.
What about a challenge like this? Wager $50k with $100 deposit. Each time you get burst, you are free to start again. How does it sound?
Well, it depends upon the bet one is willing to put for completing the challenge. If the bet at stake is above $600 (for doing 50k wager from $100) it is a no brainer but anything less than that, kind of meh. It is a nice innovative idea though and I can see with little more brainstorming something very interesting can be achieved.
It is still the back door variation to the leader board challenge but little more individualistic.
If anyone can take this bet it is @Bitinity
. I can make a side bet against him though