First I thought it is an attempt for yolo sign up from a new gambler for affiliate benefits.
But after visiting the site, it seems like a user arranged tournaments . I guess it has become possible by custom scripts:
1. Create your YoloDice account
2. Learn how to create a script
3. Come back to register 30 minutes before the next game
It seems interesting as they are not actually hosting the event but the tournament is going to happen at a familiar venue which eliminates all the risks involved. But how you are going to manage rewarding the winner with 500 doges? I am sorry I am not seeing any fee to be paid for participating in the tournament.