Answer:
It's not clear from the question exactly what is involved. If there is "no real betting involved," then what is involved?
I suppose that if it's strictly legal there would be nothing forbidding it from a Halachic point of view, although one might argue that the other gamblers who are placing their money are assuming that they have at least a chance of winning, and if in fact they have no chance it might be considered as taking their money against their will.
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