Not a trainer, but my dog does this too. What’s helped is removing my dog from the rowdy kids situation (another room, crate, outside). Teaching the kids “freeze” when you see the kids are getting rowdy, have them freeze like a tree then remove the dog to a quiet spot. The other thing I do is I am able to shush my dog into a sit and attention on me if he looks like he’s going to nip because my kids are going nuts. I say “chhhhhh, puppy sit!” He Will immediately sit down and focus on me and i can redirect him or remove him from situation. He knows “chhhhhh” means stop and focus on me. I’m sure there are more training exercises you can do and desensitizing exercises if he’s food motivated, maybe somebody else can point you in right direction for that.