Since the dawn of horse racing, watching and wagering on it have almost invariably gone hand in hand, and in an attempt to attract and hold the attention of horse racing fans, tracks started to look for new and intriguing ways of betting.
Many people are raring to go and bet on the outcome of horse races, and the bet types that promise to bring juicy returns are particularly appealing for punters. Some gambling enthusiasts do not enjoy the thrills and spills of picking the outright winner of a race anymore, which makes them look for slightly more complicated ways of placing their bets which is exactly what exotic bets offer.
Daily Double Bets ExplainedInterestingly, the daily double is one of the oldest exotic wagers, and its history can be traced back to 1931. Many avid bettors prefer to employ the daily double bet because, whenever such bets hit, the payoffs they offer are often tidy. Naturally, the daily double bets also have their weaknesses that are worth considering before punters add them to their betting portfolios.
Daily Double Bets Explained
For quite some time, the daily double was the only exotic wager punters could make while wagering on horse races, but as we mentioned already, tracks started to become more creative and introduce fresh ways of placing bets. That being said, daily double bets are still among the top options for gambling aficionados, to a great degree, because of their win potential. When compared to the straight or traditional bets, exotic bets, daily double included, offer considerably higher returns, which speaks volumes about their popularity.
The concept behind such exotic bets is extremely simple, and in order for punters’ daily double bet to win, they should correctly select the winners of two consecutive races. The fact that the outcome of such bets is determined over the course of two events and not just one is what sets daily double bets apart from most other exotic horse race bets.
Thus, if we accept that gambling enthusiasts have made a 2-6 daily double bet, horse #2 must win the first race, which is designated for daily doubles, while horse #6 must cross the finish line first in the second race. According to the rules most tracks and bookmakers have introduced, both horses should come first in the races that are designed for the daily double in order for such bets to hit. This might sound easy in theory, but making a correct pick becomes more challenging when the number of runners in the races is high.
What makes it even more challenging for punters to make correct picks is that often, tracks will introduce the daily double opportunities on some of the most evenly-matched events. When this is the case, punters might be on the fence about the favorites in the races, which reduces the possibility of making correct picks.
Punters will not be left without options if they are looking for a way to increase their chances of making a correct pick as they can cover several horses per race. Of course, if they decide to use this approach, the amount they will be required to stake will increase accordingly.
Contrary to what some punters might consider, placing two win bets instead of a daily double is not a better option, and the latter offers much more value because of the track’s takeout. When making two separate win bets, the track will collect its takeout twice, which will not be the case with daily double bets. In addition to this, normally, the takeout rates for win bets are higher than the ones for daily double bets.
Originally, daily double bets were introduced for the first two and the last two races of the day, and most tracks did so in order to ensure that punters would stay there as long as possible. The way such bets are offered has changed significantly over the years, and today, gambling enthusiasts can go for rolling daily doubles and special ones as well. Rolling daily doubles are also picking up steam because they allow punters to bet on any two consecutive races that are held throughout the day.
Types of Daily Double Bets
Daily double bets are, without a doubt, an option gambling enthusiasts should not exclude from their betting portfolios because they will stand the chance to get a good value for the stakes they make, especially if they learn how to properly narrow down the field. If punters pull off such bets successfully, the amount, which will be up for grabs might run into the hundreds, which is rarely the case with the returns traditional bets offer.
There are many ways to make a daily double bet, and generally speaking, punters will be required to select the winners of two consecutive races at some point in the track’s program.
Straight Daily Doubles
The above-mentioned example illustrates how straight daily doubles are made, and as punters can see, making such a bet only involves selecting the outright winners of two consecutive races. Many seasoned bettors prefer straight daily double bets because, in some cases, hitting such wagers can turn out to be easier when compared to making a correct exacta bet, for example.
It is up to punters to decide how many horses they wish to bet on, and if they want to cover two horses per race, using a $2 increment will mean that the cost of their ticket will be $8. Thus, if we assume that gambling enthusiasts have chosen to play horses #5 and #8 for the first race, and horses #2 and #4 for the second race, one of the two chosen runners for the first and the second race must come first in order for punters’ bet to hit.
| Bet type | Requirements to win | Odds of winning |
|---|---|---|
| Daily double | The selections punters have picked should win two consecutive races | Hard to get right |
Early Daily Doubles
As the name suggests, when making an early daily double bet, punters will focus on the outcomes of the first two traces of the day. The requirements for such bets to win remain the same, and gambling enthusiasts need to predict the winners of two races in a row.
$2 daily double (2-7)
Such a bet will bring punters a payout, on the condition that horse #2 wins the first race, while horse #7 takes the lead in the second race.
Late Daily Doubles
As punters can tell from the name, late daily doubles are exotic bets made on the last two races that will take place that day. In order for punters to collect a payout, they must make an accurate prediction about the top finishers in these two races.
Wheeled Daily Double Bets
Wheeling daily doubles is achieved the same way as wheeling the rest of the exotic bets. By doing so, gambling aficionados will be much more likely to get a payout as the combinations they cover will be more. Daily double bets can be wheeled fully and partially, and this approach is also known as one horse and all.
When full wheels are concerned, punters must pick the outright winner of the first race and then cover all runners in the second race in order to ensure that they will get a payout, no matter which runner will cross the finish line first. Please note that it is up to punters to decide which one of the two races they wish to key, and if they are confident about the winner of the second race, they should key it, and cover the field with the first race instead.
The prices of full wheel daily double bets is based upon the number of selection punters wish to include. Thus, if the number of runners in the no-keyed race is eight and there is a $2 minimum for daily double bets, the cost of their ticket will be $16.
There is also the possibility to go for partial daily double wheels, and punters might wish to seize this opportunity when they do not feel like risking too much money during their betting session. If punters desire to give this approach a shot, they will be required to decide which runners they want to key for the first race and then do the same thing for the second race. The most important thing punters should keep in mind is that they should not include all runners from the races.
Rolling Daily Doubles
Rolling daily double bets are an option gambling aficionados might be interested in, especially if they prefer to make pick 3 or pick 4 bets but do not feel like risking too much of their funds. Rolling daily double bets can be placed on just about any two races, and are active for every race and continue prior to the beginning of the last race from the card. Thus, with the start of each new race, there will be a new daily double.
Rolling daily double bets are also referred to as running ones, and if we suppose that the event gambling aficionados have decided to bet on has ten races, the rolling daily double can consist of the races 1-2, 2-3, 3-4, and so on. Please note that making a rolling daily double will only be possible prior to the beginning of the first two races that are designated for the daily double.
Selecting Multiple Horses per Leg
Playing the daily double bets is possible in a number of ways, and picking several horses per leg is an approach many prefer to use. Still, what punters should keep in mind is that covering multiple runners in each race can be rather expensive, which is to say that this approach might not work for gambling aficionados that have a limited bankroll.
Yet, this way of playing daily double bets might work well for gambling aficionados when they are confident about the performance of some runners. When betting multiple horses, punters will effectively eliminate some of the runners in the race, but throwing out too many runners might ultimately turn out to be ineffective because of the significant increase in the price of the ticket.
Thus, for example, punters can pick horses #6 and #8 in the first race and horses number #3, #5, and #7 in the second race. The combinations gambling enthusiasts will cover will be six in total, which is to say that the cost of their ticket will increase to $12.
- 6-3
- 6-5
- 6-7
- 8-3
- 8-5
- 8-7
One Horse and All
Sometimes, it might happen that punters are confident about the winner of the first race which is designated for the daily double but are not so sure about the top finisher in the second race, they can bet on one horse and all. In this way, they will effectively place a bet on the selection they have no doubt about and will cover the entire field for the second race.
The logic behind this approach is quite straightforward, and if punters’ pick about the first race designated for the daily double is correct, they will guarantee themselves a payout, no matter which of the runners will take first place in the second race.
Punters should remember that the cost of such bets can be rather high, especially when there are many runners in the second race. The returns such bets can offer will be determined by the winners, and if a longshot comes first, the payoffs might be more whopping. Still, if a strong favorite comes first, it is not excluded to collect returns that are smaller than the staked amount. As punters can see, this approach is not a surefire way to guarantee consistent wins.
Odds and Paybacks of Daily Double Bets
Whenever horse race betting is concerned, gambling enthusiasts will get payouts according to the pari-mutuel model. This means that the payouts that will come punters’ way when their tickets win will be determined by the amounts other sports bettors stake. In other words, the returns punters will get will be determined as soon as all bets are counted, and therefore, it is not possible to know your exact odds at the time when you submit your bet.
Thus, the amounts punters have put on daily double bets will be divided into smaller pools depending on the combination, and then, this amount will be paid back to the bettors with winning tickets. When a specific outcome has attracted less betting action, the returns winning tickets will offer will be more handsome, and vice versa, when more bets are placed on a specific outcome, the returns will not be that impressive.
The amount the pools contain will be allocated between the winning tickets after the track or the sports betting platform has taken its cut. The amount tracks take from the betting pools is normally between 10% and 15%, but this might not always be the case.
Punters should know that in some cases, they will get a payout even if one of the selections they have made does not hit. Winning with just one horse correct is only possible when a combination on which no bets are placed appears. Thus, if punters have made a $2 daily double 4-8, horse #4 wins the first race, but horse #5 is the winner in the second race, they will get a payout if no bets are placed on the 4-5 combination. What the track will pay out to punters will probably be less eye-catching than the returns winning daily double bets typically offer.
The main reason why many punters stick to daily double bets is that they can conceivably bag a handsome amount without putting too much money on a stake. It goes without saying that the returns winning daily double bets offer are more eye-catching when compared to the payoffs successful win bets provide, which is one of the main reasons why gambling aficionados implement them in their betting portfolios.
What punters should remember about these bets is that winning daily double bets might not always produce as substantial payouts as they might expect. Gambling aficionados should be rather careful when making their selections because daily doubles rarely win, thanks to two longshots coming first. When it comes to picking heavy favorites, the odds will be long, which will translate into less impressive payouts.
Most tracks and sports betting platforms enforce a $2 bare minimum on daily double bets, but staking less might sometimes be an option as well. In spite of the fact that some bookmakers have introduced lower limits on such exotic bets, punters should not forget about the minimum bet requirement of $2, which applies to most wager types.
What Is the Difference between Daily Double and Pick 3 and beyond Bets
Punters will quickly figure out where the difference between daily double and pick 3 and beyond bets lies as it is all about the number of races they will spread their choices over. As we explained, daily double bets hit when punters predict the winners of two races in a row.
When placing a pick 3 bet, gambling aficionados will be required to pick the winners in three races in a row. Going for pick 4 and 6 bets means that the number of races punters will be required to spread their choices over will be four and six, respectively. The selection process will be more painless when making a daily double than when placing a pick 3 and beyond bet, and it goes without saying that the larger the number of covered races is, the more challenging it will be to make an accurate prediction.
In spite of the greater risk punters will need to take, many of them tend to go for pick 3 and beyond bets because the returns will be more substantial when compared to the payouts winning daily double bets offer.