Joey Chestnut’s Net Worth May Change After Being Banned From Nathan's Hot Dog Eating Contest

A Fourth of July tradition for many is the Nathan's Hot Dog Eating Contest. While it has been in the same location on Coney Island since 1972, it was not until the 1990s that the contest really started taking off when contestants started shattering records. One of those contestants was Joey Chestnut. But, with Joey being banned from the 2024 hot dog-eating contest, not only is his title up for grabs, but his net worth will likely change as well.

While Joey takes home a cash prize from the eating contest each year, the bulk of Joey's fortune is from sponsors. While the earnings are not in the neighborhood of billions of dollars like it is for some athletes with lifetime endorsements or even in the neighborhood of Tiger Woods' massive endorsements, Joey earned a net worth that has reached impressive levels. With his absence at July's eating contest, Joey is losing out on having those sponsors represented, and the money that goes with it.

We will explore how Joey Chestnut's net worth may change after being banned from Nathan's Hot Dog Eating Contest. Then, when Joey will be able to participate in the eating contest will be discussed, followed by how Joey can redeem himself on a Netflix live event in September 2024.

Joey Chestnut's Net Worth May Change After Being Banned From Nathan's Hot Dog Eating Contest

Joey Chestnut's net worth dipped from $4 million to $3 million after the announcement of being banned from Nathan's Hot Dog Eating Contest

Joey has been the winner of the Nathan's Hot Dog Eating Contest since 2007, except for 2015. With those wins, Joey has managed to attract more spectators for the hot dog company's event than any other competitor both in person and on television every Independence Day.

In June 2024, it was announced by Major League Eating, the company behind the contest, that Joey was ineligible to compete in the hot dog eating contest. This occurred because Joey signed a sponsorship deal with Impossible Foods. Because Impossible Foods also makes hot dogs, the company is seen as a rival and as a result, MLE declared that Joey was not welcome.

Since the news was announced in June 2024, Joey's self-reported net worth of $4 million has decreased to $3 million, according to Celebrity Net Worth. Joey was the likely winner of the contest this year. If this was the case, he would have received the cash prize of $10,000. This would not be enough to decrease Joey's net worth by one million. However, Joey was scheduled to receive a fee for even appearing at the Nathan's Hot Dog Eating Contest. While this too was not like something in the six-figure range, the money from missed opportunities begins to add up.

Additionally, other sponsorship opportunities that were not hot dogs but associated products will be lost out on as well. Some of the sponsorships that Joey makes thousands per year with include:

• Pepto Bismol
• Coney Island IPA
• Hostess
• Hooters

With Joey not appearing at the contest, he will not be paid by these companies, which equates to further financial loss.

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Likely, where the change of income comes from signing a contract with Impossible Foods. According to Celebrity Net Worth, the contract is for $1.2 million paid over four years. When broken down, this is less than the self-reported $500,000 that Joey made per year. That loss of income in addition to not being able to participate in the Nathan's Hot Dog Eating Competition until the contract expires may be where the estimated $1 million loss came from.

When Joey Chestnut Is Allowed To Participate In Nathan's Hot Dog Eating Contest Again

Joey Chestnut is banned from the Nathan's Hot Dog Eating Contest for four years, losing minimally, $10,000 per year

Joey is not allowed to return to participate in the Nathan's Hot Dog Eating Contest until his contract with Impossible Foods ends. As such, this is minimally a four-year break from one of the most famous food-eating competitions in the US.

According to Joey, he never signed an exclusivity agreement with Nathan's or Major League Eating. Instead, according to ESPN, Joey is claiming that the companies are "looking to change the rules from past years as it related to other partners [he] can work with."

MLE has categorically denied that any rules have been changed when it comes to Joey. Instead, MLE states that they and Nathan's have gone to "great lengths in recent months to accommodate Joey and his management team, agreeing to the appearance fee and allowing Joey to compete in a rival unbranded hot dog eating contest on Labor Day."

Additionally, MLE claims that they and Nathan's are working "under the same basic hot dog exclusivity provisions" that have been in place for almost two decades. It is instead Joey and his management team that has "prioritized a new partnership with a different hot dog brand over our long-time relationship."

With Joey missing this year and potentially the next several hot dog-eating contests, there will be a void that will need to be filled. That is because the records that Joey has hit every year from 2007-2014 and 2016-2023 are unparalleled.

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As much as MLE and Nathan's would like to have Joey back on the stage to reclaim his title in four years, it remains to be seen if Joey will be interested after such a long absence.

Joey Chestnut Will Have An Opportunity To Redeem Himself On Netflix's Live Stream

Joey Chestnut and Takeru Kobayaski will face off in a hot dog eating contest for an undisclosed salary

While fans will be missing out on seeing if Joey can break his hot dog-eating record from 2023, it does not mean that Joey is disappearing from the competitive eating scene. Instead, he and former Nathan's Hot Dog Eating Contest rival, Takeru Kobayashi will face off on a Netflix livestream to see who can eat the most hot dogs.

With Joey not participating in the Fourth of July event this year and the fact that Takeru has already started the trash talk, Netflix could not have picked a better year than to have this event occur.

Streaming live on September 2, this will be the first time that Joey and Takeru will be facing off since Joey beat Takeru in 2009 during the infamous "eat-off" that occurred when the two tied the number of hot dogs eaten at the 10-minute mark.

Titled Chestnut vs. Kobayashi: Unfinished Beef, it has not been disclosed what either Joey or Takeru are being paid for this event. But with Joey's absence this year and an interest from fans wanting to see how Takeru will fare after years away from the Nathan's contest, Netflix will surely make their money back and then some. The streaming platform could not have scripted a better plot twist to draw viewers to the event.

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Given the career opportunities that Joey has received as of late, it is likely that his dip in net worth is just a bump in the road. If he continues to keep himself relevant with products consumers are interested in and keeps his face in the news,

Joey's net worth has the potential to climb higher than it was before being banned from Nathan's Hot Dog Eating Contest.