Question: Regarding that move Hawks does where he lifts his fingers and adjusts then in a different position in order to get the advantage and win, a) what is the significance of doing this (what exactly is he doing) and b) is this even legal in a real arm wrestling tournament?
Question: Wouldn't betting on yourself be illegal? I get that betting on yourself to lose would be a no-no, but wouldn't betting on yourself at all be against gambling rules?
Answer: Short answer is no, it's not illegal. For example, boxers are allowed to bet on themselves. There may be leagues or clubs that prohibit their players (and even staff) from any form of gambling, not just betting on themselves or their team. But it doesn't mean it's illegal. Some casinos or bookies may not take players' bets unless it's a straight bet to win, as opposed to a player betting he'll win in the 6th round.
Question: Why did Bull only lose once at the end? Wasn't it double elimination?
Answer: The announcer basically says during the final match that the winner here will win the tournament. Meaning it was double elimination up to the final match (or even the final four). I can't think of an example of a real life double elimination tournament with that structure. It feels made up for the movie to let Hawk lose once, but not have to do a 2nd finals match.
Answer: It's a regrip to get leverage. Yes it's legal. The best arm wrestler in the world Devon Larratt does it with perfection. Usually works only in a strap match.