Dubbed “the most exciting two minutes in sports”, the Kentucky Derby is an event steeped in tradition that draws people from all over the world every year. Kentuckians have grown up with those traditions–which include outrageous hats, cigars, and mint juleps–and most can’t help but look forward to the day that sees the 20 best race horses vie for the garland of roses.

This year for the 138th Derby, many of the contenders have impressive resumes, including several trophy and championship winners. While “Union Rags” is the overall favorite to win this year, “Hansen”–a gorgeous all-white horse with a fairy-tale look–is widely regarded as perhaps the most interesting one in the group.

Like any other year, 2012 has seen many celebrities in attendance at Churchill Downs, including Cyndi Lauper, Debra Messing, Ice-T, and Terry O’Quinn. R&B singer Mary J. Blige belted out the National Anthem in a rose-red dress and matching hat, garnering whistles and raucous applause after she hit several high notes.

Viewers are placing their bets, both at home and at the track: