To start, when you reach a new status for the first time, you receive access to the Status Wheel. This allows you to win extra winnings. The higher your status, the greater the value of the winnings you can earn.
If you drop to a lower status and then regain a status you have already reached before, you are not entitled to a second access, as it is not the first time you have reached this status.
You also benefit from the Ruby and Emerald Payouts, which you can open at the beginning of each week and month.
The principle is the same: the higher your status, the more attractive the winnings you can win.