noun 1. An agreement entered into by two or more parties for their mutual
benefit, especially in a business or political context
When the Op states that it is a word related to a game or sport, perhaps he was thinking of a card game where each player is dealt a hand that consists of several cards.
A synonym for the word challenge is a test.
The Free Dictionary defines it as:
A series of questions, problems, or physical responses designed to
determine knowledge, intelligence, or ability.
There's also the term test match
a game or series of games of cricket or rugby played by teams from
Connected to the expression bet which is often heard in the world of sports and games alike is stake
Sports & Games
a. Money or property risked in a wager or gambling game. Often used in
the plural. See Synonyms at bet.
b. The prize awarded the winner of a contest or race.
c. A race offering a prize to the winner, especially
a horserace in which the prize consists of money contributed equally
by the horse owners.
Its plural form, stakes, is commonly used in the game of poker. Wikipedia says:
All casinos and many home games play poker by what are called table
stakes rules, which state that each player starts each deal with a
certain stake, and plays that deal with that stake. A player may not
remove money from the table or add money from his or her pocket during
the play of a hand. In essence, table stakes rules creates a maximum
and a minimum buy-in amount for cash game poker as well as rules for
adding and removing the stake from play.