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Yes, with picking the right coin you can become VIP quite easily. We don't include Play because it's not worth anything, it's just for test purposes or if you run out of faucet.
And 0.00097 BTC is over 6 USD at the moment. Maybe it's not that big of a money for someone, buy it's not nothing (for me at least).
Am I wrong about this? I mean, about the possibility of converting PlayMoney to any currency present on the site.
Aside from @Dogecoinmachine's comment, it should also be noted that you can't actually deposit PLAY into the site.
They do not make any sort of profit from PLAY, they only lose money.
So taking that into account, it makes sense that there just isn't a wagering competition for it.
They pay the wagering contests with profits due to people wagering more to participate in the wagering contests.
Adding a PLAY contest would be a complete net loss for them.