The Kentucky Derby Festival miniMarathon (half marathon) started in 1974 with 301 runners. It is now the largest single day of road racing in Kentucky, drawing 10,000+ participants. The full marathon was added in 2002 and draws roughly 500. These are not the same race.
The miniMarathon is the flagship. It's the event that Louisville knows, that families come out for, that the Derby Festival promotes. The course is fast, flat, and well-supported. Crowd energy is strong throughout. You run through Churchill Downs. You finish at Lynn Family Stadium. The atmosphere is festive, loud, and communal.
The full marathon is the miniMarathon plus 13 additional miles through Louisville's South End and Iroquois Park. Those additional miles include the only significant hills on the course, a stretch of reduced crowd support, the pedestrian bridge climbs at miles 14 and 24 that nobody warns you about, and a section near the end that reviewers have called "an afterthought." The marathon is a tougher, lonelier, less-supported race than the half, and several runners have noted that it feels like the half marathon was designed first and the full marathon was built around it.
None of that means the marathon is bad. The Iroquois Park section is beautiful. The small field (500 runners) gives the marathon an intimate feel that the crowded half can't match. And finishing a full marathon through Louisville with Churchill Downs on your résumé is a specific accomplishment. But the honest assessment is: the miniMarathon is the more polished, better-supported, more energetic race, and unless you specifically want the 26.2-mile distance, the half is the stronger experience.
If you're a 50-stater checking off Kentucky, the marathon is your pick. If you're training for a fall marathon and want a hard mid-race workout, the marathon's Iroquois Park section is excellent simulation. If you want the best version of the Derby Festival race-day experience, the mini is the better bet.