Winner Winner Chicken Dinner!!!! That looks SOOO much better(BTW, where did you get the slime texture, it's quite nice!). The offset shadow on the chain really helps sell the illusion that was missing before and the slime texture works much better! Next step I would suggest is adding some shadows for the spikes around the pit to help sell them and I would also think you could deepen the shadows around the outside of the pit to give a bit more height to it compared to the platform and make it sell even better(when combined with the chain shadows).
Is it just me or are the teleport pad off center of the surrounding "ring". There is a slight look like they may be on a raised platform, but given the scale they are on the map, I don't know that it comes across enough to make it work the "oddness" of the look.
I would also suggest some grunge on the floor to break up the tile pattern and/or some blood... this is an arena after all right? People going to have dirty feet and blood stains on the floor...Possibly even some cracks or char marks(depending on if there is any magic use ever done in this arena or not.)