Major League Baseball has the best All Star format of all of the four major sports. It probably goes in this order:

Major League Baseball (Futures Game, Home Run Derby, Celebrity Softball Game, and the All Star Game).
National Basketball Association (Skills Challenge, Three-point Contest, All-Star Game, and Slam Dunk Contest)
National Hockey League (Skills Competition, 3-on-3 women's scrimmage, All-Star Game)
National Football League (Skills Showdown and Pro Bowl)

The Home Run Derby is such a great event and MLB is changing the format almost every year. This year's 8 person tournament is pretty stacked. Sure, it sucks to not have Vlad Guerrero Jr. in the Derby, and Fernando Tatis, Jr. is sitting this one out as well.

Here are the participants based on seeds:

Shohei Ohtani
Joey Gallo
Matt Olson
Salvador Perez
Pete Alonso
Trey Mancini
Trevor Story
Juan Soto

What is also excellent is that Elite Sportbook has put together odds for the participants, including advancing to the next round.

2021 Home Run Derby Champion Odds LINK

2021 Home Run Derby To Advance To Next Round LINK

Here is the list according to favorite to win the 2021 Home Run Derby:

Shohei Ohtani +200
Joey Gallo +350
Pete Alonso +450
Matt Olsen +580
Juan Soto +600
Trevor story +600
Salvador Perez +800
Trey Mancini +1000

Here are the predictions for tonight's event:

ROUND 1

Juan Soto over Ohtani

Pete Alonso over Salvador Perez

Joey Gallo over Trevor Story

Trey Mancini over Matt Olsen

SEMIFINALS

Pete Alonso over Juan Soto

Joey Gallo over Trey Mancini

FINALS

Joey Gallo over Pete Alonso

Why fade the favorite Shohei Ohtani?

This guy has so much going on during this All Star exhibition that I just don't think he has the focus to pull this off. Also, since this current format has been introduced in 2015-- the #1 seed has NEVER reached the Finals.

Why bet Gallo?

Gallo has 24 home runs in 2021 and the dude can rake. Plus, he has history on his side. The #2 seed has made the Finals of the Home Run Derby every year (no Derby in 2020), has won 4 out of the five years, including 3 in a row.

This should be a very highly entertaining Derby, especially since there was not an event like this in the MLB last year.