Each day there is an event in the Colosseum. The type of event is visible on the flags flying outside the building and on the event screen. Each event is based on one of the elements in the game.
To choose a dragon to compete, touch the Colosseum and view the event screen. At the top of the screen is the event type. The strategy is to choose what you consider the best dragon in your park to compete in that event type. For example, an Earth Dragon might win an Earth based event. A higher level dragon gives a better chance of winning. However, the results may be completely random, for example a Fire Dragon may win a gold trophy in a Cold event.
Every 24 hours the event type changes. After you place your dragon in the Colosseum you cannot remove it for 24 hours or speed up the event using gems. The dragon in the Colosseum does not earn income in its habitat during the event and you cannot fill the vacant habitat spot with another dragon nor sell its habitat.
You get five gems for winning first place. You get 2 gems for winning second place. Select a dragon that is at least partially from the element the Colosseum is using that day.
You get 5 gems for winning
NO
Yes, it sells for $25,000.
The Colosseum in Dragonvale can be purchased upon reaching Level 10 for 50,000 coins. It takes four (4) hours to build.
Buy more or win them at the Colosseum.
You have to win events at the Colosseum or by crystals.You can get more by winning Gold and Silver (not sure if bronze) medals in the Colosseum.
to get gems for free use the colosseum or try to get your friends on dragonvale to send you one free jem. If you want add me CSB_123.
You get five gems for first place.
you can win them when you get a silver medal or gold medal in the Colosseum, and in the dragon track
To answer your question, you will need to buy a Colosseum which costs about 50,000 coins in dragonvale. Other than that I don't think there are any other contests to come yet.
No, you can enter a dragon, but it just counts down until you can release it. When the timer runs out, you can tap it to see what you won.