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The Kentucky Derby's one of the best sporting events of the year, mainly because everyone gets to join in on the fun. Nobody knows anything about the horses, so it's impossible to take it too seriously or make a fool of yourself.
With other fringe sporting—say, the Stanley Cup, a big boxing match, or playoff baseball—it's hard to throw yourself into it, because you run the risk of getting scolded by a bunch of experts. With horse racing, if anyone tries to scold you for not knowing enough about the horses, you can fire back, "Whoa ho ho, Bob Baffert, sorry I didn't have enough time to study up." It's great.
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