Here's Absolutely Everything You Need to Know About Royal Ascot

Royal Ascot is an annual horse racing event that takes place every June at Ascot Racecourse (which is around 30 miles from London). It's one of the highlights of the Summer social calendar, and tickets can cost anything from around $50 (for the atmospheric Windsor Enclosure) to thousands (for a coveted place in a box or hospitality suites). The royal family attends every year, and the event is known for its heritage and tradition.

This isn't just a social event, though. Royal Ascot is a huge deal in the world of horse racing. The races that take place across the five days of the meet have a total of £7.3m in prize money (almost $10 million). The horses and jockeys are some of the most famous in the world and the owners some of the richest and most powerful.

After the carriage ride, the royal family assembles in the parade ring, where they'll chat as they walk to their box. It offers the crowds a rare opportunity to see the royal family close-up.

During the day, the queen will present trophies to the owners of the winning horses for the major races. This can sometimes be problematic, though, as the queen owns racehorses herself and often enters them into races at Royal Ascot. On the occasions that they win (such as the Gold Cup in 2013), a member of her family usually does the honors!

Other members of the royal family also help out with official duties during the day, and celebrity guests will also put in an appearance.

Though Royal Ascot is considered to be quite a "classy" event, it's also a chance for the royal family to have a little fun and let their hair down, and we often get a little glimpse at their sillier side as a result.

Princess Beatrice and Princess Eugenie attend every year, and it's safe to say they get pretty involved with each race!

The most highly sought-after area at Royal Ascot is the royal enclosure, which surrounds the royal box (where the royal family and their invited guests watch the races). Tickets for the royal enclosure are not on general sale and instead are reserved for members, VIPs, owners and trainers, and sponsors and their guests.

The other enclosures are more relaxed, and the dress codes are scaled to match. Most people tend to dress up in their finest despite the enclosure they're in, though in these areas, you'll see as many small fascinators as you will giant hats, and there are picnic areas that are even more casual.

The Thursday of Royal Ascot is known as "Ladies Day," and this is when the big guns come out when it comes to hats. Women vie to be photographed in their standout millinery, and the designs range from the sublime . . .

. . . to the (ever so slightly) ridiculous! Yes, that's a spaghetti hat! Royal Ascot is never short of silliness, and many brands see the occasion as the perfect opportunity for a publicity stunt. You're never far from a novelty hat.

As these photos dating back to 1921 show, Royal Ascot has long been an excuse for the cream of society to dress up in their finery and enjoy a day of socializing, drinking, and betting.

Though the outfits may have changed and the crowds become a little more boisterous over the years, the traditions of the event remain and are unlikely to change for generations to come.