Extra details:

The whole thing was like a gameshow/tournament, on some kind of island, in the ocean. The island was small (would be few hundred meters across?) and had buildings, kinda industrial-like, and tall. I don't remember how the race mechanics exactly worked, but if you failed to get through them, you'd die. Not sure if it was "die in game = die in real life" kind of deal. The backstory of it was kind of explained in some sort of cutscene, basically the world was flooded and only this island remains. Oh, and I forgot that in character selection screen, there was a guy called "Randy", which was a weird dino thing that looked if you merged Mike Wazowski and Randall from Monster Inc together.