In the UK, horse racing is much more than simply a pastime: it’s a tradition that’s steeped in history, and one of the country’s most watched and highly lucrative sports. With 60 licensed race courses across Britain and two in Northern Ireland, horse racing trophies are much publicised events and the formal dress code expected of spectators at these events adds to the overall atmosphere of ceremony. If you’re a complete newcomer to British horse racing cups, here’s a quick guide to three you cannot miss.

Perhaps the most famous horse racing event in Britain is the Grand National, a three-day event held at Aintree Racecourse near Liverpool every April. The first Grand National is generally believed to have taken place in 1836 (though there is some debate about this) and today it is one of the most lucrative National Hunt events in the country, with a prize fund of £950,000 in 2011. Despite starting as a local event, the Grand National is now a televised global phenomenon, with an estimated 500 to 600 million viewers across the world.

Another famous horse racing event is the four-day Cheltenham Gold Cup, which takes place at Cheltenham Racecourse in Gloucestershire annually in March. The course declares itself as “the home of National Hunt racing” and boasts a scenic location in the Cotswold Hills. Although the Grand National may have a more illustrious global profile, the Gold Cup is actually the older event, first taking place in 1819 before being inaugurated as a jumps race in 1924. The prize fund, however, is around half that of the Grand National.

Nevertheless, while the Grand National and the Cheltenham Gold Cup are major fixtures on the British horse racing calendar, the event that usually stirs up the most excitement in the public and the media is Royal Ascot. Held at the Crown Estate-owned Ascot Racecourse near Ascot in Berkshire, the event is strongly associated with the Royal Family and was founded by Queen Anne in 1711. Even today, Queen Elizabeth II attends Royal Ascot in a horse-drawn carriage and a Royal procession take place at the start of each race day.

Royal Ascot takes place over five days in June (Tuesday to Saturday) and over £3 million is offered in prize money. However, while the actual horse racing is an important part of the event, this is often overshadowed in the news headlines by Ladies Day, slated for the Thursday of Royal Ascot week. Ladies Day is dominated by socialites in glamorous outfits and ostentatious hats – however some of them have been known to take it too far, to the point where it almost looks like they’re in fancy dress. That being said, in keeping with the centuries-old traditions of British horse-racing, there are strict rules governing ladies clothing, such as a minimum length for dresses and no bare shoulders or midriffs.