Concise Bible Dictionary:
The course run by a Christian is compared to races in which “one receiveth the prize”: with the exhortation, “So run that ye may obtain” (1 Cor. 9:24-27). The prize that Paul was stretching forward to win was that of being with and like the Lord in the glory (Phil. 3:14).
Strong’s Dictionary of Greek Words:
Transliteration:
brabeion
Meaning:
from βραβεύς (an umpire of uncertain derivation); an award (of arbitration), i.e. (specially) a prize in the public games