If you win, you should get your entry fee back. The prize, well, as the seek chart in playing mode shows it's nothing like the earlier wagers and getting most of your oppoent's entry fee, too (except, for 200 cubit games just now, looks like the programmer slipped on that one, as you do pretty well, almost like before on that one). Then there's the black/white adjustment which makes it slower for most of us to realize what's going on.
Your best shot imo of 'winning' cubits now, is to play wagered games with much weaker players (so, you'll not flat out lose your entry fee, as it takes quite a while to recover that through wins). And, each time you play white and draw, you no longer get your entry fee back but you lose 5% of it (even up to 1,250 cubits, if you're paying 25,000 cubits as your VIP entry fee).
Of course, there's tourneys, along with simply not playing much and waiting for the daily stipend to rebuild your cubits account.