This very informative article on the SFWA (Science Fiction & Fantasy Writers of America) site provides information to help you decide what contests are reputable, and which might be a scam, run by an entity solely for the sake of making a profit, and/or not worth the entry fee.
Great cautionary advice and well worth a read!
SFWA Writer's Beware: Contests and Awards
This article by Writers Beware site explains what warning signs to look for and how to avoid awards programs run by profiteers.
Writer Beware: Award Profiteers
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