Hi, BHD. I agree with Jack Preston King’s response. The first thing that came to mind when I read your post is the entry fees that some of these contests require. When submitting to journals or entering a contest, I personally only look for ones that don’t have an entry fee or a reading fee. If it is free to enter, I think it never hurts to throw your hat in the ring. If anything, I’ve found that these give me a good opportunity to practice writing query letters.

Best of luck with whichever route you choose!