During the tournament, entrants will be asked questions relating to upcoming fixtures to win a share of the £1m, with the overall winner pocketing £400,000.
Betfair is backing the competition, which is free to enter, with a £6m direct response campaign through WDMP, comprising online and press ads.
Entrants to the competition will be asked six questions. Those answering the first five correctly will be given a 'fund' of £50,000 with which to gamble in a final 'bet-off'. The person making the most money from those bets will win the grand prize.