Ok, found the answer with the addition of the "mtype=m+m" parameter. However, I'm still not sure why the other code would not work. If hyperlink field is not empty, why would the [eventsblock.eventtitle;block=span;when [eventsblock.hyperlink]=''] section even show? Obviously, the "mtype=m+m" is cleaner.
<dt><a href="[eventsblock.hyperlink;magnet=a;mtype=m+m]">[eventsblock.eventtitle;block=span;when [eventsblock.#]+-1;bmagnet=div]</a></dt>
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