The Blue Wristband is the third wristband you will acquire as you move through the game. To earn a new wristband, you must earn a certain amount of points. Points are earned from completing and winning races/events.
Before collecting the wristband, it's a good idea to win all events, including the star showdown before moving on. All races/events can be replayed if you are unsuccessful. Also feel free to tamper with the difficulty settings.
A full list of races are shown here:
Please either comment below or send me a Personal Message if you have any comments or improvements.