Mint Juleps, Hats and Horses! 5 Things to Know About the Kentucky Derby

05/07/2016 AT 07:10 AM EDT

The Kentucky Derby is taking place this Saturday at the famed Churchill Downs track in Louisville and everyone is already getting into the derby spirit. Keep reading for the five things you need to know as we head into Saturday's big race.

1. The Horses to Watch

Everyone is talking about Nyquist, as they should be. At 3-1 odds, Nyquist is heavily favored to win the derby. He's never lost a race, but there have only been seven undefeated Kentucky Derby winners. The last was Big Brown in 2008. Others to watch include Exaggerator and Outwork, but the field is wide open. The only horse that might not have a shot is Trojan Nation (50-1 odds) who has never won a race.

2. The Jockey to Watch

With three previous derby wins and the Triple Crown under his belt, jockey Victor Espinoza is going for a record third-straight derby win with 20-1 Whitmore. He won the Triple Crown last year on American Pharaoh, and the 2014 Kentucky Derby on California Chrome.

3. The Famous Mint Juleps

It's not the Kentucky Derby without this signature drink. No recipe is exactly the same, but all Mint Juleps contain four basic ingredients: bourbon, mint, sugar and water. Derby attendees will drink 127,000 Mint Juleps this weekend. After all, what would a visit to Kentucky be without bourbon? PEOPLE recommends this recipe with a spicy twist.

4. The Hats

The only must-have accessory for a weekend at Churchill Downs is a big Kentucky Derby hat. Not only is it a fashion statement and long-established tradition, wearing a hat to the derby is believed to bring the wearer good luck! That could definitely come in handy if you have any money riding on a horse.

5. The Traditions

The Derby is an American tradition like no other and is the oldest continuously run sporting event in the nation. The first race took place 141 years ago, and with 170,513l last year, it is now more attended than the Super Bowl (71,088 earlier this year) or the NBA Finals (120,474 in the entire 2015 series).

Winners of the Derby are gifted with the famous garland of roses. 400 roses are hand-sewn onto the 90-by-14 inch garland, which ends up weighing over 40 pounds. The winner's trophy, called "priceless" by Churchill Downs, is made of 14-karat solid gold.

The Kentucky Derby takes place on Saturday and the race kicks off at 6:34 p.m. and will be aired on NBC.
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