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Lots. They get thousands of entries. Especially on the larger prizes.
Inside the Casino is a counter. There you can buy medals or exchange them for prizes. That is where you get the prizes.
The sentence "There will be prizes for the students." is grammatically correct. It conveys the message that prizes will be awarded to the students.
You can get prizes on millsberry by waiting in for an activity in the gazette.
it means your prizes will be chosen for you.