I call it "Fight Roulette", what you do is you have 4 players. There is a "wheel" that "spins" (Lights turned on) and each player will stop it at a certain point.
The first player lands on the weapons, the second player lands on the armor, the third player lands on potion effects, and the last player lands on the arena. There is a 10 second limit for each turn. The wheel stops automatically after 10 seconds.
When all the spins have been made, the players teleport to the arena they landed on, and fight. All of the players have the same armor, weapons, potion effects chosen. The last person standing wins.
The copper you receive from arenas have been rebalanced. Even if you loose you get copper and if you win you get a bonus for winning. VIPs only get double the base amount of copper and not the bonus from winning.