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?Let make it clear, first is it an individual challenge for me or you are thinking about a contest?
Anyway, it sounds good but I think it will be nice to have a challenge like "wager as much as you can with $100", the winners will be those with highest wager amount obviously. This way, all participants are basically having the same chance, or in other words is that it will be like a contest of strategy to wager. If the idea is as what you said, where we can freely start again after busted with the first $100, then it will be likely just a challenge that will be dominated by those who have bigger bankroll and judging from what was happening in the YEET's bitcointalk leaderboard contests, it wont work lol. However, if you try to challenge me, I'll be interested but of course it depends on the prize you try to offer