The Daily Double is the original exotic wager, first introduced in 1931 and until a couple of decades ago was only offered on the opening two races of the card, an incentive to get horseplayers to the track on time.
The Daily Double involves picking the winner of two consecutive races, and at many tracks there are now rolling Daily Doubles, meaning a horseplayer can pick and choose which two race sequences offer the best value.
The Daily Double wager must be placed before the first race of the two race sequence and both winners need to be selected for the wager to be a winner.
Much like other exotic wagers, horseplayers can use a key approach, perhaps picking one horse to win the first race, and spreading out and selecting several runners in the other race.
A $2.00 wager using one horse in the first leg and four horses in the second leg would cost $8.00. The single horse in the first leg must win, and any of the four horses chosen for the second leg would have to win for the wager to be successful.
The Daily Double is a good choice for horseplayers that are better at picking winners than picking horses that are going to run second as must be done when making an Exacta wager.
Using two horses in each of the two races for a $2.00 increment would cost $8.00. As long as one of the two horses chosen in each leg won, the ticket would be a winner.
Using three horses in each leg of the Daily Double would cost $18.00.
New wagers like the Pick 3 and Pick 4 have become very popular, but horseplayers with a smaller bankroll can make nice scores using the Daily Double wager, and the takeout rates, which average 18-19% at most major tracks offers a bit more value.