You have a deck of 20 runes (spells, creatures, equipment)
There are 8 factions and having all 20 runes of one faction gives the faction bonus- 10 gives half the faction bonus.
Every turn you get Nora (like mana to play spells and creatures). Every one gets a fixed base amount per turn- plus a bonus for controlling other nora fountains.
When you play a creature they persist until they are killed and are controlled like a turn based strategy game. Creatures get experience each mach (more if you win) which can be spent to upgrade their skills (which also ups thier nora cost).
Because creatures can be upgraded- even common's can eventually become very powerful- thus as of now its not he with the most cash wins.
In fact I bought two of the 100 rune packs ($24.00 each) And have been able to put together quite an impressive army. I have even beaten decks full of very rare and expensive runes.
All in all it is an awesome game- And though it can be a money sink- it is no where near as bad as MTGO.
Hope this was helpful- you can play with the preconstructed decks for free to find out more