Let me take a guess..... you spend more than $2000 of your own money to wager that $332k.. right? How is a reward of $100 worth it, if you lost so much money trying to achieve it? Even if you multiplied it four times as you said..... then you still made a huge loss on it.
I do not chase these challenges, because it is basically designed to reward a few whales..... the rest of the people get a fraction of a percentage of the big amount. Yes, it is a little bonus... for the money you spend on the site.... but it is so small... that it makes no impact on your losses.
I would say worth or not is depending on our own purpose. If he did not force himself to wager as much as he can to win one of the prize, it can be something worthless but he did wager just to play the game and not targeting for the wager contest, the prize is still worth. Even if he lost some money during the contest, the prize can be called as lossback. All in all, I do believe he is an experienced gambler who knows how to gamble responsibly and I do not think that he forced himself to wager more just because of the wager race.