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(+1)

more money/pills :)

Yeah mainly this, maybe overall champ belt does more harm that good but it makes the game more challenging too. Plus if you're looping on hardmode +1 flag doesn't really mean much.

also maybe it can help to get more time to do a challenge (brown ritual or the one of 2 rows of spikes), but I get that champ belt does more harm than good

Ah for brown ritual I just had one of the mask guys stand in-front on a Meat Cube and since they don't walk away until their mask is broken you have all the time in the world to use poop

Also more risks of getting absolutely destroyed.