Joey Chestnut is favored to win his 8th straight Mustard Belt

Joey Chestnut, the hot dog and bun-eating goat, is the hot favorite to win his 16th overall Mustard Belt and eighth in a row Tuesday at Nathan’s Hot Dog Competition in Coney Island, Brooklyn.

Caesars sportsbook on Monday listed Chestnut as a -3,000 odds-on favorite to beat Hot Dogs and Buns during the worst 10 minutes in the game. Every other competitor is listed at +1,400 (14-1) or higher. Some sportsbooks have an up/down 72.5 on the number of hot dogs and buns eaten by Chestnut.

Chestnut is such a huge favorite at some sportsbooks that bettors would have to wager $4,000 on him to win a net $100. On Monday, DraftKings reported placing a $2,000 bet on Chestnut, netting him $50 if he wins again. However, an upset would cost the bettor two large sums.

Despite the low odds, Chestnut has by far the most bets to win the contest, according to Caesars sportsbook oddsmaker Joey Faisel, who called Chestnut “the Tom Brady of hot dog-eating”.

The women’s section is also on top, with defending champion Miki Sudo listed as an even bigger favorite than Chestnut. Sudo, who has won eight of the last 12 women’s hot dog championships, is listed as a -5,000 favorite.

The contest, which is held annually on the Fourth of July, has been popular in the sports betting community for years, but it has only recently been offered by American sportsbooks in a few states. Arizona, Colorado, Indiana, Louisiana, Michigan and New Jersey are among the states that allow sports betting. However, New York, where the competition is held, allows sportsbooks to only offer betting on “sporting events”.

While most bets on the contest are small, FanDuel reported a $2,240 bet on Chestnut to eat a hot dog over 71.5.

The women’s contest will air Tuesday on ESPN3 at 10:30 a.m. ET, followed by the men’s contest on ESPN2 at 12 p.m. ET.

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