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Well based on your screenshot it looks like it will last just over 84 hours 😉
As for details that isn't as clear. Have a look at the screenshots below and see what you think. I can't find any mention of whether there are any booster rewards as part of the event, but if only the 'top' spot gets the rewards then it looks like another waste of time for me.
Not that hard to figure out. King is recycling events, and this is another spin on the Collect Green Puzzle pieces, Dexter's Space Race, et al.--meaning they last into the weekend.
I assume the reward for 1st place is everything within the chest (above the timer), so I'll bite.
Last week King actually modified the rewards for 1st place Puzzle Pursuit for the better: a 1-hr Color Bomb, 1-hr Striped/Wrapped, 1x UFO, 1x Lollipop Hammer, and 1x Free Switch. I'm guessing that'll be the same rewards for 1st place in this Hoopfest.
Look to the table are 2 people in second place and 2 in 3rd place. On Dexter it was not like this. In Collect Green Puzzle pieces
in first stape was normal table and just in groups it was like here.
When I play Wednesday the new levels collecting of balls give one time timed booster and second time normal boosters
You are right that Dexter did not distribute rewards with players being tied for 2nd or 3rd place. If I recall right, the first week of the Puzzle Pursuit also did not. But last week's did (in my game anyway). I suspect King took our complaints about the event into consideration and changed the rewards and distribution--again, for the better. So kudos King.
The last part of your post is about moving forward at the top of your map--those crappy rewards you won don't have anything to do with the Hoopfest event, I believe.