For the most part contests are not true indicators of a person's ability to actually be profittable.
Most take 2 of the 3 most important aspects out of the eqaution...value shopping and moneymanagement. Basically all one is left with is picking a winner. Since most contests are far too short to get a fair evaluation it is a lot of luck and getting on a streak at the right time. Since most guys that enter contests are either looking for run or to prove something, that is the greatest irony.
Some do enter for the money, but they are also the first to drop out if they don't get lucky early or have a bad run and are out of contention. Because they know that if they are that far back they can't win anything so they quit.
Contests are made simple for simple reason. Because they are made for guys that don't gamble to make money, but gamble for entertainment purposes mostly.The contest is another form of entertainment.
Some contests that get a lot of recognition are mostly entered by guys looking to make a name so they might eventually turn tout. Tony Salinas tied for first a couple years ago in the Hilton,and he had flyers in the mail the next day claiming to be the winner of the thing, conveniently forgetting to mention he was in a tie for first.
But even that "prestigious" contest does little or nothing in proving someone is profitable at gambling. But enough people think it does it is worth the effort for future gains.
I mentioned it when the Shrink and Fezzick made their challenge. I doubt whomever wins would conceded they were better, just as whomever loses would concede the other guy is better. It is what it is, a way to spice up something that you are going to do anyways.