As stated before, the reason all species risk everything they have in the cosmic fights is for the chance to improve themselves. Not only will they gain valuable fighting skills and grow their own abilities, but they will also obtain a small soul piece from their opponent, which they can use to boost themselves.
A chance to grow in talent—there are even legends in the Cosmic Fighter Association about how even talentless idiots grew into monstrous bastards with the amount of risk and battles they took in this world. The small growth, step by step until you reach the top, will be extremely useful to everyone.
The only downside is that if you lose, you lose that bit of your talent. At least you won't die and even get the chance to climb back up. Above all, you will also be paid handsomely—a percentage of profit and earnings from the total number of people who watched your match. Thinking so, Azrail focused on his earnings.