I have been reading the terms and conditions just in case and I see that there are no wagering requirements or anything weird. But yes, the prize is deposited in your account and you can bet with it or withdraw it directly if you prefer.
There is a requirement to have a nitrobetting account, but with KYC. I guess since most casinos require KYC these days most don't care. I won't be participating but good luck to those of you who do.