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143rd Kentucky Derby horses running the race
The field exits the fourth turn during the Churchill Downs Stakes on Kentucky Derby Day at Churchill Downs on May 6, 2017 in Louisville, Kentucky. Limousine Liberal #9, ridden by Jose Ortiz (black and white cap), won the race.
Mary Meek - Eclipse Sports Wire/Getty Images

Justify is the favorite to win the 2018 Kentucky Derby and you can watch him potentially clinch one of the most coveted horse-racing titles live online — for free.

There are 20 horses competing for the $2 million prize at the 144th annual Kentucky Derby on Saturday, May 7. Justify, a three-year-old colt who will be racing at the No. 7 post, is currently favored — with 3-1 odds — to win the 2018 Kentucky Derby. The day kicks off at 2:30 p.m. E.T. on NBC, though the big, final race isn't until later in the evening (more details on the timing of this year's Kentucky Derby are below).

The Kentucky Derby takes place at the famous Churchill Downs Racetrack in Louisville, Ky. Always Dreaming won last year's Kentucky Derby, but he failed to capture the Triple Crown title after losing at the Preakness. After the Kentucky Derby, the winner will compete for the Triple Crown title by trying to win both the Preakness and Belmont Stakes races later this summer — though only 12 horses have swept all three.

Also known as the "Run of the Roses," the Kentucky Derby is referred to as "the most exciting two minutes in sports" because the race is so short.

Here are all the details you need to know about watching the 2018 Kentucky Derby, including what time the final race starts and online streaming options:

When is the Kentucky Derby?

The Kentucky Derby will be broadcast live Saturday, May 5 at 2:30 p.m. E.T. on NBC and last for five hours. While Saturday's coverage of the Kentucky Derby starts earlier, the big race starts around 6:46 p.m. E.T., though it could start slightly earlier.

You can start watching other derby events as early as Thursday at 4 p.m. E.T. on NBCSN. There are four live races Thursday, including The Longines Kentucky Oaks race for female horses. There will also be six live races Friday, May 4 at noon and 5 p.m. E.T. on NBCSN. On Derby Day, there will be 10 live races — five of which will be broadcast live on NBC.

How to stream the 2018 Kentucky Derby

Even if you didn't make the trip to Kentucky, you can still catch all the action — and whip up a few homemade mint juleps — from the 2018 Kentucky Derby live from the comfort of your own home. NBCSports.com and the NBC Sports app are livestreaming the Kentucky Derby for the first time this year.

You have to have a cable provider login or be a subscriber to take advantage of the live streaming options, though. If you do, you can watch the 2018 Kentucky Derby on multiple devices from cell phones to tablets and connected to TVs. You can find the NBC Sports app on the iTunes App Store, Google Play, Windows Store, Roku Channel Store, Apple TV and Amazon Fire.

If you aren't an NBC subscriber or don't have a cable login, you can also stream the Kentucky Derby for free on TwinSpires.com, the official online wagering site of Churchill Downs. You can also use the site to place bets on who you think will take the three top spots — win, place and show — at this year's Derby.