Question

How would you improve this so I wouldn’t have to keep repeating?. I will need to create 50 options.

var timer = 300;

function showLabels() {
    $('#machine ul#labels li span').animate({'top': '0px'},'slow');
}
function option1() {
    setTimeout(function() { $('#prize-details #prize-text h1').html("Header"); }, timer);
    setTimeout(function() { $('#prize-details #prize-text p').html("Text here"); }, timer);
    $('#machine ul#labels li#what').html('<span>1</span>');
    $('#machine ul#labels li#where').html('<span>2</span>');
    $('#machine ul#labels li#with').html('<span>3</span>');
    $('#machine ul#labels li#in').html('<span>4</span>');
    showLabels();
}
function option2() {
        setTimeout(function() { $('#prize-details #prize-text h1').html("Different header here."); }, timer);
        setTimeout(function() { $('#prize-details #prize-text p').html("Different text here"); }, timer);
        $('#machine ul#labels li#what').html('<span>5</span>');
        $('#machine ul#labels li#where').html('<span>6</span>');
        $('#machine ul#labels li#with').html('<span>7</span>');
        $('#machine ul#labels li#in').html('<span>8</span>');
        showLabels();
    }

Answer 1

As both of your functions are similar so you can try with one function like

var timer = 300;

function showLabels() {
    $('#machine ul#labels li span').animate({'top': '0px'},'slow');
}

function option(header, para, span1, span2, span3, span4) {
    setTimeout(function() { 
         $('#prize-details #prize-text h1').html(header); 
         $('#prize-details #prize-text p').html(para); 
    }, timer);

    $('#what').html('<span>'+ span1 +'</span>');
    $('#where').html('<span>'+ span2 +'</span>');
    $('#with').html('<span>'+ span3 +'</span>');
    $('#in').html('<span>'+ span4 +'</span>');

    showLabels();
}

According to edit

If each iteration have different text then call the above function with different parameters like:

option('Header', 'Text here', 1, 2, 3, 4);
option('Different Header', 'Different Text here', 5, 6, 7, 8);

and so on.