Virgin Gaming will bring prizes to PS3, 360

Virgin’s re-entry to the videogame industry is less grandiose than expected; the company’s new Virgin Gaming brand has turned out to be a challenge-based service for Microsoft and Sony’s home consoles.

As revealed by a partnership with Sony on ModNation Racers, the service will allow players to compete online for various real-world prizes, such as a 40” television or a trip to Vegas.

ModNation’s first tournament will run from July 7-14. More details on the service itself are expected this month, on the 15th.