You surely got a strong marketing for doing that and that's a good way to attract more gamblers. As most of us wants to have those sites that are doing contests on a daily or weekly basis. But I'm thinking if you are going to make sure for it, how come that you are going to keep on earning with that. Are you not going to get bankrupt with it?
What he's saying is that he'd like his gambling site to compete with the established ones so for the very least of it, it would be recognized by people. He's not saying that he'll do contests like what's on your mind.
Oh if that what he meant then he should use the word compete instead of contest because that is making his statement out of the contest. However, it is going to be tough for him as there are a lot of gambling sites who built trust already from the gamblers. But gamblers are not always contented so they are going to keep on looking for something new.
You're thinking of the noun form of "contest". The word "contest" can also be used as a verb and it has the same meaning as "compete".
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I never had the feeling that deposits would take a long time on the sites I use.... maybe not instant, but also no big time to wait.