A .Net event actually consists of a pair of accessor methods named add_EventName and remove_EventName.  These functions each take a handler delegate, and are expected to add or remove that delegate from the list of event handlers. 

In C#, writing public event EventHandler EventName; creates a field-like event.  The compiler will automatically generate a private backing field (also a delegate), along with thread-safe accessor methods that add and remove handlers from the backing field (like an auto-implemented property).  Within the class that declared the event, EventName refers to this private backing field.  Thus, writing EventName(...) in the class calls this field and raises the event (if no handlers have been added, the field will be null).

You can also write custom event accessors to gain full control over how handlers are added to your events.   For example, this event will store and trigger handlers in reverse order:

void Main()
{
    ReversedEvent += delegate { Console.WriteLine(1); };
    ReversedEvent += delegate { Console.WriteLine(2); };
    ReversedEvent += delegate { Console.WriteLine(3); };

    OnReversedEvent();
}

protected void OnReversedEvent() {
    if (reversedEvent != null)
        reversedEvent(this, EventArgs.Empty);
}

private EventHandler reversedEvent;
public event EventHandler ReversedEvent {
    add {
        reversedEvent = value + reversedEvent;
    }
    remove {
        reversedEvent -= value;
    }
}

This add accessor uses the non-commutative delegate addition operator to prepend each new handler to the delegate field containing the existing handlers.  The raiser method simply calls the combined delegate in the private field. (which is null if there aren’t any handlers)

Note that this code is not thread-safe.  If two threads add a handler at the same time, both of them will read the original storage field, add their respective handlers to create a new delegate instance, then write this new delegate back to the field.  The thread that writes back to the field last will overwrite the changes made by the other thread, since it never saw the other thread’s handler (this is the same reason that x += y is not thread-safe).  The accessors generated by the compiler are threadsafe, either by using lock(this) (C# 3 or earlier) or a lock-free threadsafe implementation (C# 4).  For more details, see this series of blog posts.

This example is rather useless.  However, there are better reasons to create custom event accessors. WinForms controls store their events in a special EventHandlerList class to save memory.  WPF controls create events using the Routed Event system, and store handlers in special storage in DependencyObject.  Custom event accessors can also be used to perform validation or logging.