From the Super Mario Wiki
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The game plays very similarly to standard darts; every round, each player throws three darts at a dartboard, each section of the board corresponding to different point values, with the goal of getting exactly 301 points. If a player gets more than 301 points in a round, the points for that round are lost. The game ends when either a player gets exactly 301 points (at which point they're declared the victor) or ten rounds have passed.