This is like a super version of Master Orders. It costs 5000G to play this mode, which isn't cheap, but you can earn Crazy Orders Passes from Classic mode and challenges, which will let you play for free.
Like in Master Orders, you're given a selection of tickets to choose from. Unlike Master Orders, they're all pretty easy at first. After clearing a ticket, you're given a spiffy prize and the option to either play another match or battle Crazy Hand. You'll have to battle Crazy Hand if you want to keep most of your prizes. You only have 10 minutes to do as many events as you want and defeat Crazy Hand, so make your time count.
Your health only replenishes partially between rounds, but the more damage you have when you fight Crazy Hand, the more stamina you'll have. (It's a stamina match.)
The strength of Crazy Hand depends on how many events you clear before fighting him. He'll always have a couple of weaker characters with him to distract you, but they'll respawn if you KO them, so focus on Crazy Hand. He'll drop more presents for you as you damage him, and you can either pick them up or ignore them. If you fight him late enough, you'll have to deal with Master Hand as well. Fighting them later also means they'll have more HP. Be smart when choosing when to finish the mode.
NEXT: Smash Tour