A deal
noun 1. An agreement entered into by two or more parties for their mutual
benefit, especially in a business or political context
Oxford Dictionaries
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
different countries
Merriam-Webster
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.
T.F.D
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.