Fall Guys event is held back by long queues and the low server tick rate

[HermitUK]

And the rewards go up each round? That's not too bad I guess.

Assuming you have a full lobby (rewards scale down a bit with less players) as far as I can tell its:
Round 1 - 50 for losing, 100 if you qualify
Round 2 - 50 for losing, 150 if you qualify
Round 3 - 50 for losing, 200 if you win

These add up, so losing in Round 3 is 300 in total (100+150+50) for instance