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This is not a booster you get but one that enhances your booster. I agree that it is very confusing and it took me some time figure out as well.
The timer only tells you that any colour bombs you play or get in your game as normally will turn into the special colour bombs that go off twice. You have 9 colour bombs in your inventory and you will have you play one of these to get the benefit, so select it by clicking on the colour bomb. It's the worst "gift" from King in a long time!