What does it mean?

The first round is a put option on the S&P 500 microfutures on the date of May 31 and the level of 3500. I have already executed this this afternoon. On the May 31 date, it will come out one of two ways:
Either this futures contract (for simplicity, the value of the S&P 500 index) will be below the 3500 level, then this lottery ends in failure and will not continue.
Or the futures contract will end at 3500 and above. Then the $300 option premium collected today will advance to the second round and that amount will be part of the traditional prize draw for all completing participants. I’ll think about its distribution later 🙂

So train hard to finish and keep your fingers crossed for the market! The current value is around 3900, for the record.