No. The amount of contributor value you gain is directly related to the US retail value of the game on Steam. The only thing where entries matter is if you create a invite only, group, or whitelist giveaway, then it needs to get at least 5 entries to give you credit. From the FAQ
If a giveaway is invite only, or for a whitelist or Steam group, it will only add value towards your level if it receives 5 or more entries. This is in place to prevent small groups of friends from attempting to cheat the contributor system, and to encourage users to expand the reach of their giveaways. The whitelist feature offers an easy way to target a larger audience, and you can combine it with small Steam groups to receive a greater number of giveaway entries if needed.
When you create a giveaway, there will be 1 red asterisk next to the game name for bundled games and 2 red asterisks for games that were free and give no value. This can be inaccurate for recently bundled or discounted games though because it can take some time to update the bundle list. The games will be retroactively bundled meaning that if you give away a recently bundled game before it gets added to the list, you will get full value for the game, but when they update the bundle list, it will drop all giveaways that were created after the game was bundled down to the correct bundled value of 15%.
You may want to read the FAQ and Guidelines for more info.
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I just wanted to know whether the no. of entries effect the points i'm given to level up.
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