Ive been playing on this site for about two years. Yes, they do pay real money, but you dont really play for the money. Like the others have said, FunBets gives you $1M funny money called funbucks. Well, you gamble or trade on sporting events, stock markets, entertainment. Funbets.com pays out $1, 000 cash to the top ranking players each month, but your total does accrue and a decent player makes about $25 every 3-6 months.
There is a community board, most players are extremely helpful and friendly and its a lot of fun. If you like to gamble and dont want to risk real money, give this site a try -- LOTS OF FUN!!!!!!!!!!
There are even links on the home page, not affiliated with funbets, but players have written these sites to help new players learn how to play the game. It will challenge your brain :) and if you already know anything about trading, it will be a breeze.