With the standard raised in the Colosseum, the chances of getting one of the Colosseum armor increase: up to 50% when defeating an opponent and up to 10% when defeating the Colosseum spirit. In parallel, you will continue to accumulate Coins of the colosseum, which the Spirits will exchange for one of the things when the time comes. 

One standard can be raised for 24 hours. Getting the same effect again will extend its duration.

The item can only exist in Elinor's world 1 d., after which it will disappear without a trace.