It is basically like a normal multiplier contest but there is a minimum multiplier to be one of the winners, the 592x is the lowest target so anyone with higher than 592x will have a chance to win but still it depends on the other entries by other participants.
The prize is decent enough as it is 500-300-200 especially compared to the minimum bet requirement, it is just hard to win unless you are lucky enough to hit top 3 multipliers (above 592x).
Yeah, but for the current contest, it seems like 592x or even a 1000x is not enough to win the 3rd prize. The leaderboard shows that the current 3rd position is holding a massive 1462x multiplier. If someone wants to take the 3rd place, they will have to hit a 1463x+ multiplier. If that were a 100x or a 200x, I would have said that people should try to hit that. But we are talking about nearly 1500x multiplier, which is kinda rare.
We usually see multiplier contests in this forum, and these are exclusive on the BitcoinTalk forum only. Usually the forum members compete with each other. But when it comes to the global slot multiplier contest, hundreds of unknown whales can hit massive multipliers. I won't suggest people chasing these multipliers.