Centsports

I stumbled across this one day....it's a very cool betting site. You play for free with fake money, and if you win enough, you can cash out for real money. It's all paid for by the companies that advertise on the site. You can bet on just about any sporting event. You start out with 10 cents, and anytime that you lose all your money, you just start over again with 10 cents. There is literally nothing to lose since you are not playing with real money.

Here's a link to the site:
link