Feedback wanted for my website idea

Hi guys I am creating a website at the moment which will be a subscription based website for a small fee each month where members play against each other in chess tournaments for prize money. Everybody will be matched against others at their similar elo rating and play each other for a chance to win money, this means players at any level will be able to win based on their luck. We are working on a way to minimise cheating because I think that is our number one problem but I beleive we can incorporate a system that drastically reduces cheaters on the platform. Any feedback would be welcomed and appreciated thank you Would you think about joining a website like this?

I would join but how often would the tournaments be held & what would the fee be?

We are thinking of running around 40 tournaments per day per 1500 people signed up to the website

As for fees,it would be a monthly subscription fee and it depends, lower fee ($2.95)equals less prize money for tournament wins, where if we did a higher fee ($9.95) we could doa much higher prize amount

Bump,, please any feedback aprreciated