the prizes are Bonus Play.
the deposit you must send is yours to play with, it is not an entry fee, you can get a bonus on the deposit or not, its up to you.
The prizes are free from Betonline and do require rollovers.
So basically a New account holder who sends say $500 to betonline gets whatever bonus they are offering. They can play with the $500 and their bonus and do whatever they want with it.
Furthermore, they also get one of only 40 spots in this contest with the chance of winning the Bonus Play prizes listed above, yes the Bonus Plays do have rollovers.
If you are looking for a standard post up contest with no hold on funds, check here:
http://www.therxforum.com/showthread.php?t=695300 (this may be more of what you are looking for)