Sportsbook Rakes In Money On Joey Chestnut’s Hot Dog Contest Win
Chestnut took home his 15th title on Monday
In a July 4 tradition like no other, Joey Chestnut took home his 15th consecutive Nathan’s Hot Dog Eating Contest victory, helping this sportsbook rake in profits in the process.
In a release provided by BetMGM data analyst John Ewing, 82% of the handle on the 2022 Men’s contest was placed on the field — who finished with +1000 odds entering the event. That means the book took home 82% of the money placed on the contest, only needing to pay off the 18% handle placed on Chestnut — who entered the day with -3000 odds.
Perhaps it was wishful thinking when bettors placed their wages on the field, as Chestnut downed 63 hot dogs — 15 1/2 more than the second place finisher — to take home the title.
Bettors would have been better off playing Chestnut’s total, as that has been the only non-guarantee throughout the last 15 years of “Jaws” dominance. As NESN’s own Sam Panayotovich pointed out last week, Chestnut’s consensus number was set at O/U 74.5, o-135.
Nursing a foot injury, Chestnut came in well below that number, marking another win for BetMGM. As pointed out by Ewing, only 41% of the handle was placed on the under.
Another year, another win for Joey Chestnut and the sportsbooks.
