Yes. See the list of prizes towards the bottom of the competition's home page. You'll need PayPal to accept any cash prizes.
Note that your game will need to adhere to all the rules. (For anyone else reading this, don't bother spamming with any old rubbish or it will be disqualified.) First-time authors are up against some text adventure veterans, so your game will need to be very, very good to win, but participating is the fun part.
You can also donate prizes! And they don't have to be cash.