Daily Double Horse Wagers

by jason

The daily double bet is the most popular exotic bet at the majority of horse racing tracks. The 1st time an exotic bet (Daily Double) was ever offered at a horse racing track in North America was in 1931 at the Connaught Park Racetrack in Ottawa. In this article I will teach bettors what a daily double bet is in horse racing plus some strategy for betting them at your local track.

Daily Double Horse Betting History & Betting Information

As mentioned above the daily double bet was first offered at North American horse tracks in 1931. Back then this type of bet was actually the only exotic bet offered at the horse tracks. Initially the bet was only offered on the first two races on the card, as it was designed to entice bettors to get to the track early to watch the entire card of horse races for that day.

The daily double bet is a wager where the bettor has to select the winning horse in two consecutive races. At some tracks this wager doesn’t have to be on two consecutive races due to small fields in certain races. The host track will always make sure the chosen races are clear to the bettor, so you’ll know exactly what races you need to pick from.

Some bettors may already parlay horse picks together to increase the payout odds, but a parlay or multiple bet is different from the daily double bet that horse racing tracks offer using parimutuel betting. The main benefit of betting into the daily double bet is that the wager has its own betting pool and there is only one takeout of roughly 17% of the total prize pool.

The rest of the money is split amongst the bettors that have the winning daily double tickets. When you bet a parlay you get a fixed payout based on the SP of each horse you select, which means you’re often getting worse odds. Studies have shown that the daily double bet pays about 5% on average than if you were to bet the two selections on a parlay.

Generally bettors will get the best value from the daily double bet when they think the favorite will lose while at the same time feeling confident about short-medium priced horses. If you’re betting on big priced horses in the daily double pool you’re often better off parlaying your selections because the average payout on big priced horses is better with straight parlays.

With the daily double bet there is another rule that helps bettors have a better shot at winning although it also costs the bettor more money to place the wager. The daily double “wheel” is a bet where you can select multiple horses to win in the same race and you simply pay your bet amount x the number of possible combinations based on your selections.

Let’s take a look at an example of a normal daily double bet quickly. In a normal daily double bet you may bet a $2 on Horse A winning Race 1 at the track and Horse B winning Race 2 at the track. Now the only way to win this daily double bet is if Horse A wins the 1st race and Horse B wins the 2nd race. Any other combination will be a losing wager.

An example of a daily double wheel bet is as followed. In Race 1 you may feel confident that Horse A will win, so you select that horse in R1 on your daily double ticket. In Race 2 you may be unsure about the winner, so you may decide to bet on more than one horse in R2 such as Horse A, Horse B and Horse C.

To calculate how much this wager will cost you need to determine how many possible winning combinations there are based on your selection. In the example above there are 3 winning combinations on your daily double wheel bet, so the total cost on a $2 daily double would be $6 for this bet because you could win with A/A, A/B or A/C.

Bettors are allowed to wager on every horse in a race, but that’s usually not a good idea. If the horse you’re confident in has a small-medium price (Non-Favourite) and is unlikely to receive much betting action you may be smart to key in the entire field in the race you’re not confident in, but more often than not keying in an entire field of horses in 1 race is too costly to be profitable.

The more horses you key into your daily double bet the more it’s going to cost at the betting window. If you selected Horse A in R1 and wanted every horse in R2 (10 Horses) your bet is going to cost $20 because there are 10 different combos. When you end up betting a daily double wheel you need to consider how others will be betting into the pool to ensure a decent payout.

If you pick the favorite in R1 and wheel the rest of the horses your potential profit isn’t going to be great. There is value on the short priced horses with this bet, but only when you wheel a limited number of selections. A lot of blind money is bet into this pool on a daily basis and the real handicappers are able to pick the pool apart while making handsome profits consistently.

Where Can I Bet on the Daily Double Horse Bet Online?

Twin Spires allows bettors wager on the daily double bet at every major North American horse racing track. Twin Spires is 100% legal, as betting on horses in the USA and Canada is legal as long as it’s done through a licensed racebook. Twin Spires is owned by Churchill Downs and right now they’re offering new bettors a $200 sign-up bonus just for joining and making your 1st deposit.

Generally the daily double bet has a minimum bet of $2 at the racetrack, but online you can usually bet $1 if you want. The payout will be half the size though and therefore it’s worth risking the extra $1 in case you win. Twin Spires has the fastest payouts and they have the widest coverage of tracks in the United States, which makes betting daily doubles extremely easy.