Published on: January 22, 2026, 08:42h.
Updated on: January 22, 2026, 08:42h.
- Nathan’s Famous has been acquired by a Virginia-based Chinese firm
- Nathan’s orchestrates the annual Coney Island hot dog eating contest on July 4th
Nathan’s Famous, the legendary hot dog brand responsible for the July 4th eating competition on Coney Island, which recently became a betting option amidst the sports betting boom, has been sold.
Smithfield Foods, a pork manufacturer and food processing enterprise based in Virginia but owned by a Chinese entity, is set to pay $450 million in a cash transaction to acquire Nathan’s outstanding shares. Smithfield will offer $102 per share, representing a 10% premium on Tuesday’s closing price.
Since 2014, Smithfield has held the exclusive rights to produce and distribute Nathan’s products throughout the US, Canada, and Sam’s Clubs in Mexico. This $450 million agreement grants Smithfield complete ownership of the Nathan’s Famous brand and operations.
This acquisition comes shortly after a local community board rejected a multibillion-dollar casino development proposal for Coney Island.
Nathan’s is a staple of Coney Island and competitive eating, best known for its annual July 4 Hot Dog Eating Contest. Recently, regulated sportsbooks have been authorized to place odds on the 10-minute hot dog-eating race.
Competitive Eating Gains Recognition as a Sport
As sports betting spread across the nation following the pivotal 2018 US Supreme Court ruling, sportsbooks sought approval from state gaming regulators to accept wagers on the Nathan’s July 4th hot dog eating contest. Initially, regulators in New Jersey rebuffed several requests from sportsbooks in 2019.
This scenario shifted during the pandemic, as bettors turned to less conventional sports events, such as Belarusian soccer and Ukrainian ping pong. The resistance to including offbeat competitions like competitive eating in regulated sportsbooks diminished.
In 2020, sportsbooks in New Jersey, Colorado, and New Hampshire received the green light to take bets on Nathan’s contest. Since then, many other states have joined in allowing wagers on this event regulated by Major League Eating.
Coney Island’s Beloved Institution
With just a $300 loan, Nathan Handwerker, a Jewish-Polish immigrant, launched his hot dog stand on Coney Island in 1916, where his five-cent franks quickly gained popularity.
The company’s growth was spearheaded by Handwerker’s son, Murray, who opened Nathan’s locations in Oceanside, Yonkers, and various spots in downstate New York. The Handwerkers transferred ownership of the company to private investors in 1987, who began franchising the restaurants.
In 2023, the editors of Bon Appétit rated Nathan’s Famous as the top hot dog in a blind taste test that featured brands like Ball Park, Sabrett, Applegate, Hebrew National, Oscar Meyer, and Trader Joe’s.
“Nathan’s hot dogs received exceptional reviews from all testers, quickly earning our top choice as their punchy, beefy flavor alongside delightful hints of garlic set this brand apart from the rest,” noted the Bon Appétit review.
“The platter of Nathan’s hot dogs was the only one to remain empty by the end of our taste test, as tasters returned for more,” the review concluded.