Business in gaming?

Now this is how my new business plan will be like this, in simple format--

Its a gaming business and all I need is my trusty PS2, a controller and a racing game. I will chose Gran Turismo 4 in this case. I am planning to conduct a video game car racing competition which should initially last for a month. What happen here is that registered contestant, who will pay a nominal fee, will get to race on a preset race track with a preset car. The contestant will have his name put up on a chart. The next contestant comes in, race and if his race time beats the previous contestant, he will be first on the chart. This goes on and on for the following contestants untill a month is up. Contestant with the best lap time will win a prize, which and the moment I can only think of is a cash price. 2nd placing and third placing will get something too.

Of course, there must be a way for everyone interested to keep track of the progress in this month long competition. To ensure better publicity and information sharing, a website will be set up to keep track of the competition progress plus build up eagerness in past contestant to come back and race again when they loss their placing.

And there you go....a simple business plan!!!