I've entered these a few times. I'm in KU anyway, and it's only a single keyword on the book, it must be the easiest (and cheapest) competition to enter. Never heard anything... until last September or so. I'd been shortlisted (last 5). The finalists get local publicity (if they want) and an expenses-paid trip to London for the awards ceremony with a guest celebrity. There's a half-hour live ceremony (no audience, but family and friends can watch on Zoom), brief interviews, they show the 3-minute video each of the finalists made the winner is announced and that's it. I didn't win (and didn't expect to) but it was nice to be a finalist. There was also a do at the Houses of Parliament last year, which was fun.
I don't know what the criteria for the finalists is. They say it has to do with reader responses, so I'm guessing it's sales and star ratings. The five finalist books are all read by a panel of judges, but they're not read before that. If you're in KU and you don't mind risking the publicity if you win, it's a no-brainer.
