Points are basically given for various different things at various different amounts. These being things like, number of threads viewed, number of posts, threads made, and number of views and posts in the threads you made.
Once you have points you can use them to bet on different mma events and you can win more points. Thats pretty much all theyre for unless you wanna use them to buy things at the e-store.
You can give positive or negative rep to people for differents. You click a little grey thing under your username to give it. You get 1 green bar when you get you first rep point and you get another one for every 100 after that.
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