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Virgin Gaming increases prize fund to £2.6m

Introduction of Series Tournaments format will make competitions faster and easier

Virgin Gaming has increased its prize fund to €3 million (£2.6m) in cash over the next 12 months.

The service was launched in June last year, when it offered cash prizes worth $1 million (£606,000) over the following 12 months. The new fund has raised that amount by more than 400 per cent.

The extra money is necessary to support a new tournament format, Series Tournaments, which is launching this Thursday.

Series Tournaments will allow Virgin Gaming members to enter, leave, and resume tournaments with more freedom, allowing tournaments to be played more often and resolved more quickly.

"We're always listening to our members, and one thing we kept hearing was they wanted more frequent tournaments for larger prize pools,' said Virgin Gaming co-founder Zachary Zeldin in a statement.

"We can't wait for them to try this new style of tournament; it's going to let us to host more games and accommodate our unrivalled million euro prize pools."

At the time of its launch, Virgin Gaming's financial structure returned 88 per cent of player fees as cash prizes, and took the remaining 12 per cent as a management fee.

Earlier this month, the service further expanded its game portfolio by signing a partnership agreement with Ubisoft.

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Matthew Handrahan

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Matthew Handrahan joined GamesIndustry in 2011, bringing long-form feature-writing experience to the team as well as a deep understanding of the video game development business. He previously spent more than five years at award-winning magazine gamesTM.