Fishing "The Extravaganza"
The Booty Bay Fishing Derby, or Contest, or Extravaganza as it is called is part of the Master Angler of Azeroth Achievement. Winning first, second, or third place grants you the achievement. This achievement is one of the more difficult on your way to completing Accomplished Angler where you will be granted the title Salty.
While it is still reasonbly difficult to win (or place in) the derby, patience and focus are your friends. There is no shortage of information on the derby available, but here is what I found most helpful:
Remember these things...
The first time you catch your limit of 40 Speckled Tastyfish you will likely be in a hurry to get them turned in. When you get to the spot where Riggle, Jang, and FishBot 5000 are standing there will probably be a lot going on. Always remember to try to turn in to Riggle first!
I have had more than a couple of people tell me they couldn't see Riggle or thought he only handed out the first prize, so they turned their fish in to Jang instead. They were very disappointed. Here's the info on Riggle.
The derby is busy, but not as busy as it once was. If you are persistent you can certainly win, place, or show.