There are many opportunities in exotic horse racing betting, far more than all straight win, place and show bets. Generally speaking, the payoffs in exotic bets, like the Daily Double and Pick 3, are more lucrative. But of course horse racing betting is a pari-mutuel form of gambling, and the odds always vary by how many bettors choose to make the same wager.
Daily Double and Pick 3 bets are closely related to a straight Win wager in horse racing betting, but by factoring in more than one race, the payout on such bets are multiplied. We’ll describe in detail the specifics of Daily Double and Pick 3 horse racing betting.
Note that the minimum wager at the track is usually $2, so we’ll be using $2 base bets in all examples.
Daily Double Horse Racing Betting
The “Daily Double” is an exotic horse racing bet that requires the bettor to pick the winning horses in two consecutive races. The Daily Double is often held on the first two races of the day, and usually on the last two races as well, called the Late Daily Double. Some horse racing tracks will offer what is called a Rolling Daily Double, where the bettor can choose any two consecutive races throughout the day.
A popular form of Daily Double horse racing betting is to bet on a wheel. The Daily Double Wheel allows the bettor to choose a key horse in one of the two races, betting all possible combinations on the other race. The price of the bet is determined by the number of horses in the other race.
For example, you think horse number #6 is destined to win the first race, but you aren’t sure about the second. If there are 8 horses in the second race, a $2 Daily Double Wheel would cost $16. The bet slip would read “$2 Daily Double Wheel 6-All – $16”. It is a bet on horse 3 to win the first race, and any other horse to win the second race (3-1, 3-2, 3-3, 3-4, 3-5, 3-6, 3-7, 3-8).
Pick 3 Horse Racing Betting
The Pick 3 bet is the same as the Daily Double, but includes three consecutive races. Pick 3 horse racing bets are only allowed on designated successive races. Most tracks do present Rolling Pick 3 bets, allowing you to select the three consecutive races of your choice.
All three chosen horses must finish in first place in order to win the bet. If two chosen horses win, but the other does not, the entire bet is lost. There is only one exception to this rule, and that is if one of your picks gets scratched from a race. If the horse does not compete, you are automatically given the “post time favorite” (favored horse to win at time of posting). This will of course affect the payout as well.
Along with Pick 3 horse racing betting, there are also Pick 4, Pick 5 and Pick 6 betting options. The premise is the same, but you must choose the winning horses for 4, 5 or 6 consecutive races respectively.