48 hours is the time you have to make the game. For example you can spend 5 hours every day for 9 days and that's about 48 hours
or you can pull 2 all nighters and use up all your 48 hours. It's a 9 day jam but you have 48 hours to make the game.
"You have 48 hours (don't have to be consecutive) to make a game"
At least that's my understanding please correct me if I'm wrong
Hope this helps