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The event will be held at Esports Stadium Arlington and live-streamed globally via pay-per-view. Over the next several months, a pool of 12 contestants will be selected from the public through a competitive application process. The organizers are looking for contestants as diverse as the one million members of the Reddit r/WallStreetBets community; professional traders, day-traders, and amateur investors across any age, gender or background are encouraged to participate in the application process.

"We are bringing the world's first live trading event to the country's biggest esports stadium to showcase the high-risk, high-reward mentality that in recent years has exploded in popularity with traders from all walks of life," said Jaime Rogozinski, founder of WallStreetBets. "I launched the WallStreetBets subreddit in 2012 as an alternative to the conservative, index-investing mindset that prevailed at the time. There's a place in the market for diversified, low-risk investments. This isn't it."

Contestants will start with an equal, predetermined amount of their own money, in live markets, and use only stock options to trade. The competition will take place during open market hours, and trading will be conducted through a broker to be named later. The winner will be the trader who makes the most money, or is the last player with money remaining. A cash prize will be awarded.

True Trading Group (TTG) will provide the proceeds for the WSB Championship prize. TTG is the fastest-growing and highest-rated online premium research, educational and alert platform for traders and investors of all levels. TTG is led by award-winning hedge fund traders and covers stocks, options and futures.