What exactly is it you don't understand?
I think bragging rights would be translated as Prahlrechte into German. (In the sense, Du hast das Recht zu prahlen, dass du dieses Turnier gewonnen hast, aber sonst bekommst du gar nichts für deine Mühe.)
It's simply that for legal reasons, WGT can't (yet) give any prizes to participants in the monthly International Open tournaments, and in some CTTH challenges, so instead of prizes, the winners get "bragging rights".