The daily double is one of the simplest exotic bets and was probably the first. In order to hit the daily double all you have to do is to pick the winner of the first race and then pick the winner of the second race. Of course, this has to be done before the first race goes to post, so there are some limitations.
The alternative to a daily double is a parlay bet. In the parlay bet you would wager on the horse you favor to win the first race, and if and when it wins, you take all the money you collected on the first horse and place a win bet on the second horse. Of course, there are variations on this bet. For instance, you may play each of the horses to place, or play one to place and the other to win, or even take the winnings from both bets, if you are fortunate enough to win your parlay and bet it on a third race. The upside of this is that you can build up a nice bankroll when you manage to put together three winners in a row.
The downside is that you can't miss a beat. Also, unlike playing doubles with multiple picks, you only get one horse in one race. Another positive factor of playing doubles rather than parlays is that with the double you get to see projected payoffs. With the parlay bet, you can only guesstimate what the final payoff will be.
The biggest selling point for the parlay is that you get to watch the pools before you pick the horse for the second part of your bet. I you are trackside, you also get to see the horses to decide if the one you've chosen is looking fit and ready. By watching the pools and making sure the barn is betting their own horse and by seeing the horse just before you make the bet, you get a big advantage over the doubles players.
That is why the old timers at the track used to laugh about the double and call it a gimmick. The real horse players wanted to watch the pools and see the horse they were backing. There is a lot of wisdom in that approach and that why a lot of those old timers, who'd learned their lessons the hard way, used to eke a living out of the track.
Whether you play the double or make a parlay bet, it can add value to your handicapping and betting, but it all still comes down to the same thing. You've got to be able to look at the horses lines and decide which ones are contenders and what a fair price is for each one.
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