Joey Chestnut broke his own record at last year's July 4 contest in Brooklyn.  Getty Images

Who doesn't love a hot dog on July 4? Or 80 hot dogs? American independence is a great reason to celebrate on Tuesday, and no event is more American than Nathan's Annual Famous International Hot Dog Eating Contest. Every year, the world's foremost competitive eaters gather in Brooklyn to engorge themselves on hot dogs for 10 minutes. It's a delightfully silly showcase of competition. Joey Chestnut is the reigning champion after he ate a contest record 70 hot dogs in 10 minutes in 2016. Chestnut reclaimed the belt from Matt Stonie, who beat him in 2015 by eating 62 hot dogs. Chestnut has nine titles to date.

Chestnut tweeted that he plans to break his record of 70 from last July 4, and he's not shooting for just one more dog.

Yep, Joey Chestnut is shooting to eat 80 hot dogs in 10 minutes. Please don't try this at home.

On the women's side, Miki Sudo holds the belt. She ate 38.5 hot dogs in 2016, holding onto her title for the third straight year. Arguably her only competition is fellow three-time champ Sonya Thomas, who was the reigning champion before Sudo came onto the scene.

Never tell me the odds

Here's how things are shaping up in the betting pools for this event. All statistics are courtesy of Bovada.

Men's Championship/Head-to-Head winner

Joey Chestnut                -350     (2/7)

Matt Stonie                   +225     (9/4)

Men's Championship/Head-to-Head winner

Carmen Cincotti             -200     (1/2)

Geoffery Esper             +150     (3/2)

Men's Championship | Total hot dogs eaten by winner

Over/Under                   67.5            

Special - Will there be an eat-off?

Yes (Eat-off)                                                     15/2

No (Winner Determined in 10 minutes)                1/20

Women's Championship/Head-to-Head winner

Miki Sudo                     -400     (1/4)

Sonya Thomas              +250     (5/2)

Women's Championship/Total hot dogs eaten by winner?

Over/Under                  39.5

Special - Will a contestant be interrupted by PETA during the contest?

Yes      +500     (5/1)

No        -900     (1/9)

***Progress must be interrupted by a PETA member after contest has begun for "Yes" to be graded a win.

Where to watch

This celebration of gluttony will be airing on ESPN 2 at noon. You can also stream it at Watch ESPN, or download the Watch ESPN app here.