How to Bet a Daily Double Bet in Horse Racing

You may have come across the daily double bet mentioned in connection with horse racing. What is it, and how does it work? Learn how to play daily double horse racing bets, where it is most popular, and what you can stake and win on such a wager.

Like any bet, there are upsides and drawbacks when putting these on. For that reason, you need to know the various approaches of how to bet the daily double and which works best. Finally, it's also essential to discover if there is any value in placing such bets.

What is a Daily Double Horse Bet

A daily double in horse racing is where you bet on the winners of two specified races from the same track, usually on the same day. Traditionally, these are consecutive races.

Often the first two events on the card or the final two, also known as a late daily double bet. This wager generally differs from a regular double. The bookmakers or pari-mutuel pool organizers choose the races. The odds from both legs of the bet still accumulate as usual.

Where is the Daily Double Horse Bet Popular? 

North America is where you will find that this type of bet is most common. One of the famous examples of horse racing daily double bets is on the Breeders’ Cup Championships. Most racetracks in the USA and Canada offer it to bettors.

First introduced in 1931 at Connaught Park Racetrack in Ottawa, it was created to provide an additional incentive for racegoers to attend meetings early. Nonetheless, online bookies have caught up, so you can find daily double opportunities on several international horse racing betting sites. 

How Much Can I Win Betting on a Daily Double? 

Since the odds for daily doubles accumulate, that means you multiply prices together. How much you can win off a daily double horse racing bet depends on two things. Firstly, how much you staked and the odds of the horses in the races. For instance, a daily double is offered on the first two races at Belmont Park.

Secretariat wins the first race @2/1 (3.00) and American Pharaoh the second @6/4 (2.50). A winning horse racing daily double payout here is at combined odds of 13/2 (7.50). That means a €10 bet returns €75. To avoid doing the maths yourself, feel free to use our Double Bet Calculator. 

Minimum Stake Required

This depends entirely on the betting provider that you use. Traditionally, it has been €2, but the bookies on track at Keeneland, for example, allow you to wager as little as €0.50. You will find variety in online bookmakers and pool operators too. They can have different values for the least amount of money you can gamble on horse racing bets.

Where to Bet the Daily Double

The Benefits of Daily Double Horse Racing Bets 

The main upside of daily doubles is that you win more than if you back the horses to win individually. In this respect, this wager is no different from any other multiple bets. Separate bets return almost four times less than what you would make off placing a daily double.

Since the odds accumulate, you can reduce the size of your stake and win big on daily doubles. Large returns off small bets are what every punter is looking for. Should the betting service you use happen to pick two races in which you have a strong view for offering daily doubles, then that too is an advantage.

It may be all the extra incentive you as a bettor need to back the two horses you fancy together. If daily doubles come off, then you are off to a good start. Winning one may see you into profit for the day and allow you to increase your stakes on any subsequent bets you might have.

Are there Downsides to Daily Doubles 

One of the drawbacks of the daily double in horse racing is that you don’t pick the races. That falls to the bookmaker. With late daily doubles, the last two races on the racecard might involve young, inexperienced horses or a big field handicap. Such events are far tougher to find winners. Be warned; the bookies won’t make it easy for you.

What's more, since this type of wager is more prominent in North America, it most likely means that you will not get paid the best prices available. Best odds guaranteed bookmakers do not generally cover US races, which means that the original odds you place your wagers will stand till the end. 

Also, don’t forget that you don’t win anything if only one of your chosen horses in daily doubles wins. If placing daily doubles through pool betting, then be prepared. The returned dividends of winners are not the same as the SP available through fixed-odds sportsbook markets.

In theory, this could work both for and against you; but favourites tend to be returned at far worse odds in pools. That has a direct impact on how much winning daily doubles return. Poorer pool prices mean a smaller multiplication and overall return from the two races.

How can I Find Value in Horse Racing Daily Double Bets 

When wondering how to bet the daily double, there are various ways to consider. Searching for value in your betting may mean you get your wagers in early. There is also the option of betting on multiple horses if you aren’t 100% sure which to include.

Using a wheel system is also among daily double strategies in horse racing for you to consider, so it is worth looking at each approach in turn.

The Early Daily Doubles 

It could pay to get your daily double horse bet on early. Taking an early price on a fixed-odds sportsbook could prove more profitable than a pool bet. All betting odds fluctuate, but they are more likely to be better priced earlier in the day rather than later on as market moves happen. Early daily doubles can generate more significant returns than waiting until nearer the time of the first race.

Betting on Multiple Horses 

Sometimes, you just aren’t sure which horse to side with in a race. There is always the option of backing two or more horses. That applies to daily doubles as much as any other wager. You don’t just have to have one go at picking the winners of consecutive races. Nothing is stopping you from going in for daily doubles with multiple horses. Remember, only one outcome where you pick both winners on the same bet slip can win.

Daily Double Wheel Bets

When you have a clear idea of the winner for one leg of daily doubles but aren’t sure about the other event, it could be worth your while looking at a wheel system. This is a popular approach taken with other pari-mutuel and exotic wagers such as exactas and trifectas. You combine your fancied runner in race one in daily doubles with contenders from race two. There is nothing wrong with hedging your bets sometimes.

Which Daily Double Strategies Should I Use

If you are looking to exploit a simple horse racing system that works constantly, then the daily double might not be the best option. There are several variables in play, plus betting on multiple races means that the risks are higher. However, it can still be a profitable strategy from time to time.  

Getting your bets on early is certainly advised. If you have done all the form study and picked out the chosen horses for daily doubles, then there is no guarantee that waiting until nearer the time the first race is run will yield better prices. Bookmakers have a habit of shortening up the odds of all runners before the off.

Betting on multiple horses, meanwhile, will eat into potential profit but does cover more bases. Using the wheel approach to daily doubles makes more sense. You do need to be reasonably confident you have found the winner of either the first or second race, but then all you have to do is identify potential contenders in the other event.

As with betting on multiple horses in general, only one outcome can win, but it reduces the impact on your potential profits by just putting two or three daily doubles on.

Is it Worth Placing a Daily Double Horse Racing Bet

Only if you have a good idea of which horses to back in the consecutive races chosen. This is not your standard everyday double, as you are letting the betting services dictate which races you are wagering. That takes away some of your autonomy as a bettor, but they are the terms of the gamble you take.

If you do have strong views on both events included in daily doubles, then, by all means, put your money where your mouth is. If you get it right, then the horse racing daily double payout you will receive is larger than backing the runners individually. Both legs must win, of course.

Get your daily double bet early and avoid including too many selections. Using a wheel approach where you have a clear fancy in one race can help. The drawbacks of daily doubles outweigh the benefits, so this type of bet can only be useful to you in limited circumstances.

Full List of Sites for Daily Double Betting