One indication of just how far out of control gambling has become in America is today’s annual Nathan’s Hot Dog Eating Contest in Coney Island.

A London bookmaker has put odds on who will win and is accepting bets. The big favorite is five-time winner Joey Chestnut. There is even an over-under bet as to how many dogs he will eat in 10 minutes. That is set at 62.5. He ate 62 last year and 68 in 2007.

More than 40,000 people are expected to attend the event in Brooklyn, which will also be televised on ESPN. It may not be too long before gamblers are able to bet on such ridiculous events as this in the United States. Several states, including New Jersey, are pushing forward with plans to allow sports betting. If legalized, it will only be a matter of time before Jersey is taking bets on a hot dog eating contest.