Entry fees for internet competition

I have an idea for a open internet competition. I want to charge a small entry fee/registration fee to enter. The winner would receive a cash prize(Large portion of the entry fees). The competition set up would require a large amount of laber from my coworkers and I. I would like to pay them and myself well out of the entry/registration fees. It this legal?

Thanks

There are lots of technical laws regulating contests -- the promotion marketing association in NYC is the trade group that monitor's these laws and possibly can sell you material.

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