First I'll clarify when I say wager I don't mean money necessarily, though that isn't out of the question , I'm speaking more of non monetary bets. The arrangements Joe and I came to can be used as a model though I'm not setting rules here, that's up to the participants. I'm just giving you an example of what we did as inspiration. Here was our format:
Best of 9 duels
No Rules
Winner picks loser's avatar for 3 days
Loser puts 1 line announcement of loss in signature for 3 days
Now I think we should have all willing duelists post here seeking an opponent. Once one is found negotiate terms publicly in the thread, then have the duels and come back here to post results. After results are posted and the loser lives up to their end of the bargain we thread participants give + rep to them for honoring their deal and being good sports. If the unfortunate occurs and someone does not live up to their deal we thread participants then bombard the poor sport with - rep so the whole forum knows what they've done!
Alright now let's get started!