While this card can never win on its own, it can be useful in a Deck that does not rely on inflicting damage to win ("Exodia", "Final Countdown", etc.) as a last resort in case your win condition fails.
It can also be used in a pinch in an Anti-Cure Deck, as your opponent will gain a large number of Life Points in the case that do not draw your key cards.
This card's activation requirement makes it an excellent counter to strategies that revolve around using loops to gain an unlimited amount of LP, such as the Flint Lock Loop or loops involving "Rainbow Life".
If you have this card available, you can freely pay large amounts of Life Points for powerful cards such as "Solemn Judgment" and "Solemn Warning" without worrying about the cost.
Use "The Eye of Truth" or "Gift Card" to give your opponent Life Points making this card a little safer to use as you won't need to be at critical Life Points remaining to activate it.
Similarly, if you Summon the "The Winged Dragon of Ra" and are left with 100 Life Points due to its effect, you can use this card as a backup in case your attack fails or the effect of "Ra" is negated. Additionally, if your opponent tries to activate an effect that inflicts damage while you have only 100 Life Points, use this card to force a DRAW instead of losing.
This card can work well with Psychics as an emergency if your opponent stops your Traps and Synchros.
You can easily activate this card at the very beginning of the Duel by using "Wall of Revealing Light" or "Inspection". While your opponent still has the starting 8000 Life Points, pay 7000 or more using one of the aforementioned effects (note that "Inspection" can be used multiple times repeatedly), and you will fulfill the activation condition of this card and be able to cause a DRAW immediately.
If playing in a Match in a timed official tournament, forcing DRAWs with this card can be used to stall for time. Note that judges may frown on such behavior, though as a legitimate gameplay move there is nothing in the official rules that prohibits this.
In the first Duel of the Match, use a Deck that is easy to initially win with but also very easy to side against (e.g. a Burn Deck). After winning 1 Duel, your opponent is likely to side in anti-Burn cards, making it almost impossible for you to win any further Duels in the Match. However, you can use this card and the above tip to immediately force ties in the remaining Duels of the Match until the time limit runs out. You will win the Match by without having to win a second Duel or worrying about your opponent's anti-Burn Side Deck.
For the adventurous, a very risky alternate strategy is to use this card to force ties through the entire Match until time runs out. Since each player has won an equal number of Duels (zero), "sudden death" will commence, at which point the first change in Life Points will determine the winner. At this point, a single activation of a card as weak as "Sparks" can win the entire Match.
Strategies like the above were presumably among the factors that got this card Forbidden in the TCG (and also by a Special Rule in the OCG), as they would drastically slow down tournament progression and undesirably waste time.