Rewards
In the event of victory in a Wizarding Challenge, you will receive various rewards.
Among them is experience, which allows you to level up when your gauge is full. Fragments will also be given if successful.
A little additional information about these Fragments — it appears there is a maximum limit to how many you can win per challenge, as seen below.
In addition, Challenge Points will also be awarded for your victory.
It appears these Challenge Points are awarded according to a bonus system, depending on the Wizarding Challenge you are doing.
When you participate in a Wizarding Challenge for the first time, the next challenge is unlocked. However, for Challenges above Fortress Level 2, you will need to increase your character level.
To conclude this guide, here is an image that shows the rewards summary screen: