Personally I've only ever really lost $ on contests but I've never truly promoted them hard either; not really my thing.
I look at it like this. All you get is people signing up who a) will remove once it's done b) maybe never read it if they do subscribe to that and every other contest or c) have it going to a mail that they never check.
Like building your RSS with people who aren't reading your blog doesn't really make sense. Sure you may get some backlinks but unless your contests is massive with killer prizes chances are those entering aren't on blogs that get tones of traffic or authority for the most part. Obviously some exceptions to the rule but those are my thoughts.
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