The answer to this question is a resounding, "no." The game is not fair in any respect. Here are the reasons:
First, Zaroff has the home field advantage. He knows the island and the terrain very well. This is an enormous advantage in hunting and war. We should also mention that he is a general, so he is well aware that he has an advantage.
Second, Zaroff has his dogs who are well trained; not to mention Ivan, who is also trained in war.
Third, the participant is an unwilling huntee. He does not know what to expect and does not want to play. This puts the huntee at a serious disadvantage.
Even when it comes to equipment, the person being hunted does not have much. Zaroff says that he gives the person three things: food, a good knife, and a three days head start. Zaroff, on the other hand, has a gun, dogs, and Ivan.
So, in every way, Zaroff is not being fair.