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The key to minimize lose in participating on such challenge is budget management.
You know the estimation on how much if you can complete the challenge so my suggestion is that you
need to spend no more than half amount of the prize you may get. ~
I think the same way, and that's why I stopped when I lost almost the amount of the expected prize. If the prize was bigger, I would continue chasing that 2000x.
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I am a little bit lost here to be honest,
Putting it simple, if the prize is much less than you can win with qualifying bets, it's not worth participating.
but again this is all about expected returns, so you just need to see if what you are expected to lose from your wagers will be less than the prize you win, to make it worthwhile.
Yes, that's what I meant to say.
But like most competitions, very difficult to see what to expect.
All challenges that are NOT about wager still depend on luck for you:)
I'd say, even wagering contests still depend on luck a lot. For example, the max win per bet is 0.25 BTC on WinDice. One can make 40 bets with 50% win chance, win 25 of them, which is, as we all know, pretty much possible with that win chance, win the wagering contest with 10 BTC wagered, and win 2.5 BTC along the way.