The actual Kentucky Derby may only last a couple minutes, but the event itself is a huge, all-day affair.

The 2016 Kentucky Derby is set to take place Saturday, with 20 horses in the running at the Churchill Downs in Louisville, Ky. The Kentucky Derby race will begin at 6:34 p.m. ET, but there's a whole bunch of things to follow in the lead-up.

First off, you can get to know the horses themselves. One of the best elements of the Kentucky Derby is hearing the colorful names given to the horses, and this year is no different. Horses competing in the Derby this year include:

Trojan Nation, Suddenbreakingnews, Creator, Mo Tom, Gun Runner, My Man Sam, Oscar Nominated, Lani, Destin, Whitmore, Exaggerator, Tom's Ready, Nyquist, Mohaymen, Outwork, Shagaf, Mor Spirit, Majesto, Brody's Cause and Danzing Candy. Get to know all the horses on the Kentucky Derby YouTube page here.

Nyquist and Exaggerator are considered frontrunners. 

You can even bet on the Kentucky Derby, right on the website.

The Kentucky Derby, as alluded to above, is an all-day event. The day starts with attendees being able to place their bets at 10 a.m. ET. You can even go through the infield and see the horses up close.

Celebrities slated to attend the Kentucky Derby will be walking the Red Carpet from 12 p.m. to 2 p.m.

The Military Armed Forces Ceremony, taking place in the Trackside Winner's Circle, begins at 1:20 p.m., with new members being sworn into duty.

Country group Lady Antebellum will be singing the National Anthem at 5:05 p.m. As preparations begin for the big race, you can sing "My Old Kentucky Home" alongside fellow horse racing fans starting at 6:27 p.m.

As stated, the race will begin at 6:34 p.m. and end shortly afterward. Following the race, the winning horse will be draped with the traditional garland of roses and winning connections will be given the Kentucky Derby Trophy.

Coverage of the Kentucky Derby begins at 4 p.m. ET on NBC. Happy watching!

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