Entry points are a way of adding importance to entry methods. The more points you give to an entry method the better the payoff for your contestants. The more entry points a contestant has the better their odds of winning your prize. The way I think about it is like lotto tickets. If you buy one your odds of winning are 1 for example 1 in 1,000, but if you buy two tickets, now your odds of winning are 2 in 10,00 (or 1 in 500).
Adding more points to an entry method helps you as a contest holder to rank which entry methods matter the most to you.