Shit, if you wanted a list of 'better versions' of that sort of story, I can give you a list!
Power Play -- only 4 issues were made, but the art is great. It's not a death match thing, but an insane obsstical course/capture the flag sport where almost anything goes thing. Goofy, fun, and creative.
Batman - Streets of Gotham # 01-4, 7, 10-11.
It starts as a subplot but becomes much more. Zzazz gets all the money he wants to make his dreams come true. And it's a deathsport for runaway kids. It's frightening, sickening, and glorious.
Marvel's mini-series Beauty and the Beast #1-4
Dazzler joins a troupe of Gladiators (yes, really), Beast tries to rescue her from that life. It's actually pretty interesting.
Birds of Prey #118 - The best story of the "Darkside Club" arc featured in Teen Titans v3 #59-60 and Terror Titans (read Teen Titans first to get a handle on things, then Birds of Prey, then Terror Titans). Misfit and Black Alice are captured and character work happens. Fun times, and the best art of the bunch.
Deadly Class -- JUST READ THIS BOOK. #16 starts things off for the current arc, but it works best if you read it all. We're only halfway through the BR storyline.
Formerly Known as Justice League is the most fun Roullette storyu. It's only for #3 and #4, but it's fun!
Ghost Racers -- More a race game than anything else, but very fun.
JSA #27-28, and 30 - This is the first Roullette story. Very smartly done.
Lazarus #11-15 - A Duel of Honor is the climax of this story arc and HOLY SHIT is it pretty. And dramatic.
New Mutants #29-32 -- Not the best story, but the Gladiators from the Beauty and the Beast mini are back!
Marvel Two-In-One #54-55 -- Thundra joins the Ulimited class Wrestling. No one told her about Kafabe.
Secret Wars: Planet Hulk
Wonder Woman v3 #34-35 (Wondy and Black Canary and Roullette!)
X-Treme X-Men #36-39 - THE MOST FETISHY FIGHT CLUB EVER!