Quote:
Originally Posted by IamNotKenKing
Most people do. Most people are wrong. 
This phrase (or idiom) comes from the sport of kings: horse racing. A bit is part of the apparatus that goes in the horse’s mouth and connects to the bridle and reins so the horse can be controlled and directed by the jockey on its back. The bit fits into a toothless ridge of the horse’s mouth, so the horse never really bites the bit. But it can grind his teeth or jaw against the bit, and if it does, it means that the horse is either nervous, or really excited about racing.
One definition of champ is to bite or chew noisily. These are the senses meant in the idiom champing at the bit, which refers to the tendency of some horses to chew on the bit when impatient or eager. In its figurative sense, it means to show impatience while delayed, or just to be eager to start.
That’s how the phrase “champing at the bit” entered everyday communications: to indicate extreme eagerness.
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Is this not also the definition of chomp?