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Hmm... I really hope this will approved, since as soon as you play for money, it's considered gambling, and then you have to be 18 years old, there are very strict rules about these sort of things. Let's hope nothing comes in the way, sounds great.
I think the law on gambling and this kind of stuff is very different depending on where you live. As far as I know in Germany it's not allowed for people under 18 years of age to win cash prizes in competitions.
I think as long as there's no "entering fee", it is alright. I've never faced that German rule. But if they are sure, we can restrict them. But you can wait for the signups to see how many under 18 Germans you would actually get.