You’re essentially paying to put your pick of players against other people. At least, it’s £5 to play the primary contest, and that’s where the betting element comes into it.
The prize element comes from everybody paying a small fee, which is typically £5, to enter a team. Whether you’re in a league with your friends, or in a private league, the players with the most points at the end of the game rank highest in the league and thus scoop the prizes. Once the game takes place, players score points based on their performance, much like standard fantasy football, though there are few additional ways to score points that would not be found in FPL.