This came through the news-wire today:
After testing the wagering system for Wizard101's Player vs Player Tournament feature, we have decided that the ability to wager gold in PvP duels will not transfer from the Test Realm to the Live game. There is no need to implement parental controls for this system, since we have eliminated the gold wagering in PvP duels.
Thank you for your feedback, and see you in the Arena soon!
Sorry kids, it appears the arena now has two rules.
(picture from this photo sharing page)