New Jersey and Colorado have both received the very first sports betting license for the Nathan’s Hot Dog Eating Contest.

The New Jersey Division of Gaming Enforcement (DGE) told ESPN on Wednesday that the state got approval for the license. Colorado has also announced that they got approval as well.

This July 4th tradition will take place at noon, where it is normally held on the Brooklyn street’s in Coney Island, but this year, the location is private because of the COVID-19 pandemic.

Joey Chestnut is the overwhelming favorite for the fifth straight year. He is looking to win for the 13th time this year. He ate 71 hot dogs last year and holds the record of 74 set in 2018.

According to ESPN, DraftKings and Ceasar will offer betting for the contest. Offshore bookmakers estimated over one million dollars on the contest across the market, but they will not be allowed to offer bets due to integrity concerns.

DGE is authorizing betting this year with stipulations. Betting will not be live. It will be halted immediately before the event starts. The bookmakers may offer odds directly tied to the competition. Weather, the color of clothes and other novelty wagers are prohibited.

"Sometimes it's hard to stay motivated with my insane diet and intense practices when I'm so far ahead of the other competitors," Chestnut wrote last week in an Instagram post. "Over the years, support from fans and knowing I'm making them happy has become a huge factor, and an advantage no other eater has (except maybe @matt_stonie lol)."

Stonie was Chestnut’s last competitor who beat him. Stonie ate 62 hot dogs in 2015 while Chestnut ate 60.