Joey Chestnut is relishing his chance to win his 14th Mustard Belt and beat his own record in Nathan’s famous July 4th Hot Dog Eating Contest on Sunday.
Chestnut is much more than a foot-long favorite to win his sixth straight title. He started as the -5,000 field favorite at DraftKings and sat -3,000 on Saturday at the Caesars Sportsbook in William Hill, New Jersey. This means that you will have to risk $ 3,000 to have a chance of winning $ 100 on the man known as “Jaws”.
Chestnut’s overwhelming odds put him in awesome company. The United States National Women’s Football Team was a -5,000 favorite against Thailand in the 2019 World Cup. The United States won 13-0. The Kansas City Chiefs were -5,000 favorites against the New York Jets last season. Kansas City won 35-9.
Chestnut displayed similar eruptions during its dynasty, surpassing its closest competitor by 18.6 hot dogs and buns on average over the past five years. Last year, with the competition held indoors due to the COVID-19 pandemic, he shot a record 75 hot dogs and buns. He says he wants more this year.
“I’m hoping I can find that perfect pace where I can keep pushing and I’m comfortable,” Chestnut said in Friday’s weigh-in. “I hope 76, 77 looks doable.”
The over / under of the number of hot dogs and buns eaten by the winner is 73.5 (-200 over) at Caesars.
Colorado, Indiana and New Jersey are among the states that allow sports betting to take bets on the hot dog eating contest. Some sports betting has likened the bet handle to the amount wagered on a typical Major League Baseball game. DraftKings said the number of bets for the event last year was higher than all of the other competitive catering contests it offered combined.
Of the novelty markets offered by DraftKings, only the Oscars generate more betting interest
The bulk of betting will take place on Sunday morning in the hours leading up to the men’s contest (noon ET, ESPN), but if the early bet is any indication of what’s to come, players are struggling to bear the bet on Chestnut. As of Friday afternoon, 98% of the first bets on DraftKings were on the ground at 9-1.