While not a requirement, money matches often feature a "theme" between the two players, with mirror matches being particularly common; EVO 2015, for instance, featured a $100 USD money match between Bizzarro Flame and Kage, two notable Melee Ganondorf players.
Money matches typically have the same rules as tournament sets, such as stage and character counterpicks, and are usually best-of-three, best-of-five, or, in particularly high-stakes cases, first-to-five. Two-on-two money matches are not unheard of, but are considerably rarer than singles.
The largest amount for any money match ever done was $1,000 USD, shared by money matches between Tafokints and Tian in Apex 2014's Salty Suite, Leffen and Mango during bracket at Apex 2015, and Leffen and SFAT at DreamHack Winter 2015; Leffen and Westballz have also planned to have a $1,000 money match. shofu and rival YouTuber Verlisify also planned to have a $1,000 money match in December 2018 and both spent several months practicing, but Verlisify backed out at the last minute.
Generally, money matches only occur in the North American, South American, and European tournament scenes (with exceptions, such as Norway). In Japan, money matches can be considered to be non-government-condoned gambling, and thus, have questionable legality.
Notable Money Matches
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