The Daily Double is similar to the exacta but you are working with two different races. Most tracks offer Daily Doubles on the opening two races and the last two races on the card. Some tracks now have "Rolling Doubles" meaning you can play just about any two races.

The wager must be made prior to the running of the first of the two Daily Double races.

If you play a $2 Double of #1-#4, the #1 would have to win the first race and the #4 would have to win the second race.

If you wanted to use two horses in each race it would look like this: #1,#2 with #1,#2. Using two horses in each race with a $2 increment would make the wager investment a total of $8.

The Daily Double is a good way to find value and often times it seems easier to hit a Daily Double than it is to knock down an exacta. Sometimes it is easier to figure out who is going to win a race as opposed to who is going to run second.

Another good use of the Daily Double if when you have a horse you like that is going off at a short price. It's not too exciting wagering on a horse to win at 6/5, but perhaps some value can be found in the second half of the Daily Double. If you can tie your 6/5 favorite with a couple of longshots, you might be able to cash a nice ticket on a modest investment.

Some tracks offer "Rolling Doubles", meaning there is a new Daily Double starting with each race. For players that are not satisfied with making win or place bets and don't have the bankroll to tackle harder bets like superfectas and Pick 3's, the "Rolling Doubles" are a good option.

Using two horses in each race with a $2 wager would be a $8 investment each race. If you are good enough and lucky enough to hit three or four Daily Doubles on the day, you could turn a nice profit with a modest investment.