LOUISVILLE, Ky. -- Kentucky Derby jockeys Thursday won the right to wear advertising patches in what could become a financial bonanza.

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Two days before the country's premier horse race, U.S. District Judge John Heyburn II blocked a state rule barring such corporate sponsorship. He sided with jockeys who argued that the Kentucky Horse Racing Authority's regulation violated First Amendment rights.

Jockey Shane Sellers said taking corporate names along for the ride could boost horse racing.

"Look what happened to NASCAR," said Sellers, one of the jockeys who sued for the right to wear ads. "All of a sudden, NASCAR is one of the biggest sports. It's because of the endorsements. ... In the end, I think everybody is going to be happy."

While the judge's preliminary decision applied only to jockeys who sued -- including Jerry Bailey and Sellers -- the state racing authority and Churchill Downs later said all riders can wear ads.

"They certainly ought to have the same rights as golfers and tennis players," said Ronald Sheffer, a lawyer for the jockeys. "There was no reason really to deny them that right."

Ads could be lucrative for jockeys -- some were offered up to $30,000 to wear a logo during the Derby.

"It's great for us," said jockey Alex Solis, a plaintiff in the case; he'll ride Master David in the Derby. "We're finally catching up with the 2000s and moving out of the 1800s."

Kelly Wietsma, a jockey marketing agent who is representing the jockeys for the patch deals, told ESPN.com that Churchill Downs gave a list of its 36 official sponsors to her and informed her that none of the patch deals can be competitors of the companies that have official status with the facility. Wietsma said that jockey Jerry Bailey will be wearing a Wrangler patch, while deals for the others were still not consummated.

Jockeys said they'll look for tasteful ads.

Bailey, a two-time Derby winner, said jockeys are "very sensitive to the traditions of our sport and our goal is not to offend anyone."

"Jockeys work very hard and risk our lives on a daily basis. We have earned the right to make additional income," he said.

Bailey was to ride Wimbledon in the Derby, but the colt was scratched on Friday because of swelling in his left front leg.

Sellers and Bailey have said ads would be placed on the right pants leg, where the most TV exposure is possible.

ESPN.com's Darren Rovell reports that sponsorship evaluation company Joyce Julius & Associates has estimated that the companies that have patches on the jockeys could get between three to five minutes of exposure time on the NBC telecast. That would be worth about $1 million in equivalent advertising time, according to company spokesman Eric Wright.

Even more exposure could be gained by the companies who chose to advertise on the jockeys through pictures of the patches in newspapers, magazines and on the Internet, Wright said.

David Michaels, who is producing the broadcast for NBC, said that the network would not ignore the patch issue. Announcers will address the news and shots of the jockeys would not be purposely positioned to minimize advertisements worn on their silks.

"You can't compromise your coverage because of somebody's patch," Michaels said.

Michaels said there has been some discussion as to whether MasterCard, a competitor of the presenting sponsor of the Triple Crown Visa, can purchase a patch on a jockey.

"We respect the court decision and accept that jockey advertising will be a part of this year's Kentucky Derby," Visa spokesman Joe Carberry said in a statement. "It is too early to tell if this move will add to the sport for fans, but as an industry sponsor we are glad we all can resume our focus on racing."

William Street, chairman of the state authority, said the decision to wear ads shouldn't be left only to the jockeys.

"The horse's owner, who pays all bills, should be an active participant in the decision-making process on advertising worn by jockeys," Street said.

Churchill Downs laid out rules, including barring sponsors it deems "inappropriate" or "offensive;" companies involved in gambling; or companies that compete with track sponsors.

In a separate case, Heyburn ruled all jockeys can wear a patch with the name of the Jockeys' Guild. Other states, including New York, California and Florida, already let jockeys wear ads and the guild patch.

Several jockeys were fined $500 for wearing the guild patch during last year's Derby. They appealed the fine to a state court; that case is pending.

Heyburn said he would schedule another hearing within 30 days to decide whether to make Thursday's ruling final.

In his order, Heyburn said the free-speech rights of jockeys outweighed the state's concerns of limiting its regulatory power.

"The regulatory process can be repaired and its provisions amended, if need be," Heyburn wrote. "Once lost in a crucial moment, the First Amendment right, even as to commercial speech, is difficult to recapture."

Jockey Pat Day, not part of either lawsuit, said he wasn't opposed to jockeys wearing ads, but that guidelines were needed to "keep us from turning into walking billboards."

"The industry is going through some dramatic changes," said Day, who will ride Minister Eric in the Derby. "It would be nice to stick with tradition, but we also have to do what's best for the game and the longevity of the game."

Information from ESPN.com's Darren Rovell and The Associated Press was used in this report.