What does "prize spot" mean? Is it a combination word of two nouns?

Rebecca

"Top prize spot" basically means first place. "Top prizes" are given to first place winners, and they are all being offered as prizes for the winners of the game. "Spot" here means ranking, so you can understand this sentence to mean "If you think you can just show up and take our first place prize spot, you're wrong!" Ex: She won top prize at the raffle. Ex: He took the top spot for the math competition.