1 vs 100 on Xbox Live finally has a date, and you’ll be able to take part in the madness starting June 1 at 7:30pm PST. The 1 vs 100 beta is open, and free, to all Xbox Live Gold members, and you can actually win real prizes during the beta. Here’s a look at what you can win:

• One (1) Grand Prize : A Samsung 52” plasma HDTV and surround sound/receiver bundle. Approximate Retail Value (ARV) of Grand Prize: $3000
• Two (2) First Prizes : An Acer Aspire laptop computer. ARV: $500
• Two (2) Second Prizes : A Microsoft Zune 120GB music player. ARV: $200
• Thirty (30) Third Prizes : A Microsoft Xbox Live Arcade Game of Sponsor’s choosing. ARV of Third Prize: $15 each

Do note, these are the prizes available during the beta period. The actual skill-based prizes, where you can win Microsoft Points and all that, aren’t up for grabs until the beta period ends.