A lot of times when wagering, you will stick to a single race. If you want to spread your wager out over multiple races, one of the options you have is the Daily Double bet.
A Daily Double bet requires you to select the winners of two consecutive races. While it is not easy to score this wager, it can result in big winnings.
The first important piece of information to know is that you need to place the bet before the running of the first of the two Daily Double races. For example, if you play a $2 Double of #3,#7, the #3 would have to win the first race, followed by the #7.
The minimum wager at most tracks for a Daily Double bet is $2. There are specific tracks, such as Keeneland, that offer a $0.50 minimum.
It is possible to use two horses in each race. For example, you can pick #1,#3 for the first race and #4,#5 for the second. Using two horses in each race means there will be a $2 increment, and the total cost of the wager will be $8.
The winnings for a Daily Double bet can be very lucrative, and they are determined by the pari-mutuel system. All the winning tickets will split the pool of money collected, minus the money that the track takes.
Depending on the race, it could be easier to hit a Daily Double rather than an Exacta. There are many times when the winners of two consecutive races can be predicted better than a second-place finish.
One thing you want to keep in mind is that it is going to be less exciting and return less winnings if you only pick favorites. A better approach is to tie the favorite from one of the legs to a longshot in the other. This could return a good amount.
Some tracks also offer something called “Rolling Doubles.” This means that with each race there is a new Daily Double. It is beneficial to bettors who might not want to make win or place bets and don't want to spend a lot on harder bets like superfectas.
If you decide to use two horses in each race with a $2 wager, each bet would cost $8. You could end up scoring multiple Daily Doubles, bringing home nice winnings with a somewhat small investment.