There are a lot of different formats. In Limited for example, you buy the boosters you are going to play with when entering the event (you don't bring a constructed deck). This makes it very level and pretty cheap (pay to enter instead of pay to win). It is also quite competitive and is a format often played in championships.
And sets these days are designed with limited in mind. Limited has gone from this weird thing you do at a PTQ side tourney after you flunk out round 4, to a real, super fun format!
