This is the method suggested by Apple for the officially branded Apple Watch Sport Bands.
Do not use cleaning products that contain alcohol. Apple Watch Sport Bands are made from Fluoroelastomer, which does not react well to alcohol. [3] X Research source
Be careful when wringing out your magic eraser, since too much twisting and squeezing will cause the product to tear. Magic Erasers will tear over time, but there’s no need speed up the process.
As you clean you may have to re-wet your magic eraser if it starts to get too dry.