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As we near July 4th, it’s time for LiveBetsDirect to address wagering on a great American tradition that always goes down on the holiday. No, we’re not talking about the Major League Baseball slate here, but rather the great “Nathan’s Hot Dog Eating Contest.” And, oh yeah, bet365’s got your wagering opportunities.

The origins of the competitive eating competition go back to 1916, though records of results sketchy until about 1980. Many of the traditions practiced at Nathan’s Contest are lost to antiquity as well, and the very history of the championship belt is unknown. Naturally, ESPN’s broadcasts of the competition since 2004 have caused an explosion in international popularity for the binge-eating showdown.

With the competition, this decade has been absolutely dominated by American Joey Chestnut and Japan’s Takeru Kobayashi. In 2001, Kobayashi blew into New York like Babe Ruth to nearly double the extant record in the contest by chowing down a ridiculous 50 doggies, beating the mark of 25-1/8 set by his countryman Kazutoyo Arai the year previously. Kobayashi employs something called the “Solomon Method” in his game.

However, in 2007, the big story was Joey Chestnut. Chestnut had finished second in 2006 by setting the American record in the competition at 52; he blew *this* mark away the next year, out-scarfing Kobayashi 66-63 to end the Japanese master’s consecutive title run at five. Since then, Chestnut’s added two more crowns for the threepeat.

Can anyone stop Chestnut and Kobayashi in 2010? Well, the bet365 table on the “Nathan’s Hot Dog Eating Contest 2010” prop looks like the following. (With the caveat that Chestnut and Kobayashi must both compete.)

Eater X is bringing it

Joey Chestnut: 2/5
Takeru Kobayashi: 7/4
Pat Bertoletti: 14/1
Tim “Eater X” Janus: 16/1
Bob Shoudt: 40/1
Sonya “The Black Widow” Thomas: 50/1
Hall Hunt: 50/1
Erik Denmrk: 50/1
Juliet Lee: 66/1
Gravy Brown: 66/1
Badlands Booker: 66/1
Jim Reeves: 80/1
Rich LeFevre: 80/1
Crazy Legs Conti: 80/1
Pete Davekos: 80/1
Sean Gordon: 80/1
Marco Marquez: 100/1
Micah Collins: 100/1
Franco Camerini: 150/1
Bob Coccodrili: 150/1

Among the field are many previous close-finishers and well-known names in this competition:

Thomas set the women’s record at 41 last year and Bertolli finished a distant third behind the dominant ones with 55. Janus took the show position in 2008 with “just” 42 in the final round. Masked competitor Eater X once consumed four pounds of tiramisu at a competition, but has yet to be a major factor in Nathan’s – unless you count his bizarre fake revelation of the Harry Potter series ending in 2007. As of autumn 2009, Eater X was rooming with “Crazy Legs” Conti in New York.

“Badlands” last finished in the money in 2002, grabbing second place behind the Kobayashi machine, and longshot Rich LeFevre is half of the so-called “First Family of Competitive Eating” as decreed by the International Federation of Competitive Eating, a.k.a. Major League Eating or MLE (no joke). Rich and Carlene “Queen of Etiquette” LeFevre both made Nathan’s final in three consecutive years from 2003 to 2005.

Has Kobayashi lost his edge? Can anyone stop Chestnut? Do any of the dark horses have a chance? LBD thinks that, barring disqualification, the answers are yes, no, and no. Chestnut won’t be giving up the yellow belt this year.

And on that note, we’ll leave you with the musical stylings of Amos “The Bard of Coney Island” Wengler, who traditionally performs at the event. Bon appétit!