14 traditions that make the Kentucky Derby unlike any other event in sports

There are 14 races on the day of the Kentucky Derby, but race No. 12 is the big one. Nicknamed "The Most Exciting Two Minutes in Sports" or "The Fastest Two Minutes in Sports," horses run a 1.25-mile race, the highlight of the day, in usually just over two minutes. No other major sporting event in the U.S. is so short.

Hats were initially customary to wear when the race began and continued to be for years. The hat styles were conservative until the 1960s when people began to wear more flamboyant and creative hats. Now the colorful hats are as much a part of the experience as the race.

Source: Kentucky Derby

Churchill Downs' website lists its dress code for various sections in the stadium, ranging from business casual to track casual. Some clubs and suites won't let visitors in without jackets. Even the more relaxed areas don't want ripped denim or athletic wear.

Most visitors go over-the-top, anyway.

Source: Churchill Downs

The drink, consisting of bourbon, mint, and simple syrup, has become a favorite drink at the Kentucky Derby for years. They make an estimated 120,000 per year.

Source: Kentucky Derby

Naturally, one of the biggest sporting events and fashion demonstrations draws celebrities. The Kentucky Derby has drawn actual royalty from Queen Elizabeth II; to Hollywood royalty, like the Kardashians and A-list actors like Jack Nicholson and Brad Pitt; to sports royalty, like Tom Brady, Rob Gronkowski, and Michael Jordan.

There might not be another U.S. sporting event where gambling plays such a pivotal role. An estimated $150 million is wagered at the Kentucky Derby each year, and there are plenty of in-house opportunities for people to place bets.

It's unclear when this tradition began — it may have been as early as 1921 or as late as 1930.

Regardless, hundreds of thousands stand in unison to sing what is now Kentucky's state song during the post parade, as the horses make their way to their gates.

You can watch a video of the singing of "My Old Kentucky Home" from the 2018 Kentucky Derby here >

The race that has given us Seabiscuit, Secretariat, and Justify brings us Gray Magician, Maximum Security, Master Fencer, Long Range Toddy, and more this year. Sometimes your favorite horse name is as good a reason as any to make a wager.

The spires were built in 1895 as an expanded grandstand at the track. They've since become the iconic symbol of Churchill Downs.

Source: Kentucky Derby

People looking to party at the Kentucky Derby might want to pursue the cheapest seating available, the infield of the track, which doesn't have seating at all. There are some benches, but is otherwise standing room only, and often the biggest party scene at Churchill Downs. At the time of this writing, tickets for the infield were going for $138 and more on the resale market.

Unlike the Masters, tickets to the Kentucky Derby are relatively accessible, but you have to be willing to pay a lot for a comfortable day.

For visitors who don't want to stand in the infield, there are bleachers, box seats, suites, and more in different parts of the grandstand. At the time of this writing, bleacher seats were starting at about $400 a ticket on the resale market, while those with some shade were going for $1,600 or more per ticket.

Then there is the true, upscale experience. It's no coincidence there is one section called "Millionaire's Row." Tickets for the various clubs and suites cost in the thousands. Want a table in one of the lounges, with a chef's buffet, private balcony, and more at the Triple Crown Room? Be prepared to pay $21,000, or more, per seat for your reservation.

Kentucky Derby's version of the green jacket, Lombardi Trophy, Stanley Cup, etc. (though it does also come with a trophy) is the garland of roses given to the winning horse and jockey. Made from over 400 roses, the tradition began in 1896.

The Kentucky Derby purse is $2 million. That's what Tiger Woods received for winning the Masters this year. Victor Espinoza, the jockey who won the Triple Crown on American Pharoah in 2015, has $198 million in career winnings, according to American's Best Racing.

There is a lot of money on the line in those two minutes.