From the site
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Once a challenge has been accepted by you or your opponent, the date, time and gameplay rules will be confirmed on your Home page and by email. Meet your opponent online on your PS3 or Xbox 360 at the confirmed time and play the game like you always do. Once the game is completed, our Game Validator™ will automatically verify the match results based on your unique PSN ID or gamertag and will update each player's account accordingly. Tournament play follows the same steps as head-to-head matches.
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Seems like you use the site to arrange matches, house your bets, and distribute the funds accordingly after a game is completed.