Emphatically yes. I enter them, myself, and have run some of the biggest of them, for magazines and books. Such contests are typically judged anonymously and often won by relatively little-known writers.
Two benefits: (a) If you become a finalist, you have the honor of your work being read by at least one nationally prominent writer; (b) finalists who do not win often wind up being offered publication.
Important and astounding note: The great, contemporary poet Dennis Finnell has won three national book contests, all judged anonymously by judges of widely ranging styles and aesthetics. When I ran such contests, I frequently noticed little correlation between the demographics or literary styles of final judges and the winners; judges, in my experience, tend to be expansive in their tastes. I know of many examples. Don’t try to adjudicate your chances of winning based on the identity (if known) of the judge.
Citizenry: (a) By entering literary awards contests, your entry fee supports small journals and presses in ways more significant than most people know; (b) at the very least, your entry fee usually provides you with a subscription to the journal or a copy of the winning book. In that way, you benefit as a reader, and, in the long run, benefit by giving support to good literary publishers.
Check out New Letters magazine, winter 2015 issue, for an essay by the late, great Glenda McCrary, “Behind the Scenes of a Literary Contest.”
—Robert Stewart (1-17-2025)