A derby can refer to several things, depending on the context. Here are the different meanings of the word:
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Horse race: A derby is a type of horse race named after the Derby Stakes run at Epsom Downs Racecourse in England. It is traditionally used to refer to races restricted to three-year-olds, as the English and U.S. Triple Crown races all are. The most notable exceptions to this rule are the Hong Kong Derby and Singapore Derby, restricted to four-year-old Thoroughbreds, and the Canadian Pacing Derby, an annual harness race for "aged pacers" (Standardbreds) four years old and up).
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Sports match: In British English, a derby can also refer to a sports match between two teams from the same area or city.
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Hat: A derby is a stiff felt hat with a dome-shaped crown and narrow brim. It is also known as a bowler hat, derby hat, or plug hat.
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Race or contest: A derby can also refer to a race or contest open to all comers or to a specified category of contestants, such as a bicycle derby or a fishing derby.
In summary, a derby can refer to a horse race, a sports match, a type of hat, or a race or contest.