This past week at E3, British billionaire Richard Branson announced the formation of his latest venture to add to his Virgin brand. Virgin Gaming will be an online gaming tournament that will feature competitions for some of the top games on the Xbox360 and PS3.

Over $1 million will be given away by the organization in the first year. The service will be pay to play with a 12% fee charged per tournament. With internet gambling on skill based games only being legal in 39 states, it is undetermined as to what type of interest the new league will attract.

The following games have been announced:

Halo 3
Madden 2010
FIFA 2010
NCAA Football 2010
MLB 10: The Show
Fight Night Round 4
Modnation Racers
NHL 10

View the official Virgin Gaming website at http://www.virgingaming.com