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I think this comes down to several reasons.

1) As any true sceptics or believer knows, there are fakes and conmen out there and taking randi's challenge seems like an easy million until you have to find a way to fake what you do in accordance with the test protocol

2) Reading through the books and reports on what appear to be the true mediums they all say they dont like to take money for their work or anything other than small donations.

3) As I have said already Randi and co seem to be very picky about who they offer tests too.

Randi's million dollar challenge would get more serious and real applicants if he changed it to "Randis fair and realistic challenge with no money involved just the approval of a diehard skeptic", though if Randi tried that his little cult following would call him a sellout and move on to some other idiot.

Whats funny is if someone posts here "I dont think the afterlife is real" someone will answer "you may be right but i've seen it myself, maybe you should look harder and try and see it yourself", if someone posts on randis forum "I think the afterlife is real" someone will answer "your wrong because I don't believe, yout wrong because there is no proof I accept, and your wrong because I say your wrong"