Event mode is a special mode where by any single crash will end your race.
The next gate you pass you will be red flagged and you race position will be based upon how many laps / gates you completed and in what time.
You can still race to the end of the race but any further gates will not be counted after your crash. Additionally when you finish you will be shown a red / black chequered flag indicating that you finished but with a crash.
This is designed to simulate real racing where one crash may break your quad and end your race - but without the fun police stopping you from finishing the race if you wish to do so after your crash.