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tl;dr: Since MAXEVENTS is defined as 64, MAXEVENTS-1 in base 2 is 111111, so when eventtail is 64 it'll wrap back to 0, effectively acting ++eventtail % MAXEVENTS but without the overhead of a full division operation. On any modern PC I'm not sure it matters much, but in the 90's, I bet that was a significant optimization.
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