In Pictures, Kentucky Derby 2014 Highlights Horses and Huge Hats

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By Melissa Goldin2014-05-03 18:00:22 UTC

The 140th annual Kentucky Derby will pit 21 horses against each other on Saturday evening, as thoroughbreds race for glory at Churchill Downs Racetrack in Louisville.

This much-anticipated competition is the highlight of the two-week-long Kentucky Derby Festival. More than 30 races led up to this year's final contest. Last year's winner, Orb, finished the 1.25-mile race in a little more than two minutes, according to the Derby's official site. He came away with a prize purse of approximately $1.4 million.

In the second-biggest race of the weekend, the Kentucky Oaks, Untapable crossed the finish line in 48 seconds — the second-fastest run in the competition's history — with jockey Rosie Napravnik manning the reins Friday, according to Bleacher Report .

Fans typically wear elaborate headgear to the Derby, which began in the 1870s, and is said to bring good luck. Since its inception, the event has always been an occasion for spectators to pull out their finest threads, but as women's fashion became louder in the 1960s, so did the outfits. The Derby is also known to attract millions of dollars in bets.

California Chrome is favored to win the 2014 Kentucky Derby. The post time for the competition is approximately 6:24 p.m. ET.