There are multiple types of event in Rival Gears; Hangout Tournaments, Regular Events and Special Events.
Hangout Tournaments work differently to other events. Hangout Tournaments are constantly running, Hangout Leader-board based events. They Run for 20 minutes and the prize level increases based on how many people are competing for the prize. At the end of the 20 minutes, the player that has won the most cash from Hangout bets will win the prize.
Regular Events are longer that lobby events, they run for 4-12 hours and a new even will start within 2-4 hours of the previous event ending. Regular events run consistently when there is no Special Event running.
Special Events are run at specific times and for longer periods of time than Regular Events (1-7 Days). The prizes that are awarded from special events are far greater than those awarded from Regular Events, and will often include special edition cars and liveries as prizes.
In events the prize pool is tiered into different brackets, players win more prizes depending on how well they perform over the course of the event. Here is an example of a regular event prize table;
Prizes are cumulative, this means that when you achieve a reward tier, you also win all the prizes in the reward tiers below it. In this example the player that comes first will win 600,000 Cash, 15 Cash Boosts, 15 Performance Boosts, 15 Startline Boosts and 75 Pro Livery Credits!