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).
That's true, everyone with the higher than 592x has the chance to win something but the competition is so tough, you need to be very lucky. Previous minimum bet requirement was 247x on The Magic Cauldron slot.
By the way, I enjoy such challenges, especially when the minimum bet is eligible for participating. If you love playing slots, such a challenge makes it very competitive against other players and you try to beat your competitors, which adds another thrill to the whole gambling process.