They have a 5k every Sunday that from the looks of things (just reading the website its extremely hard to figure out how this works) but you have to accumulate enough points during the week to play in the 5K.
The 40K is apparently a 1 time WSOP entry type of thing.
You might also want to read the entire FAQ, in order to maintain legality there are a zillion rules, also a lot of states you cant play from because legally this is a sweepstakes and not gambling and a lot of states do not allow sweepstakes type contests.
This si like the 3rd or 4th legal poker site like this to spring up and im pretty sure if there was any real money to made they would be a lot more popular than they are.