Double chance combines two outcomes of the 1X2 market: home-or-draw (1X), away-or-draw (X2), or either-team-to-win (12). Only one of the three results beats you, so win probability is high — and the odds correspondingly short, often below 1.50 when a favourite is involved.
The market is functionally similar to Draw No Bet and the +0.5 Asian handicap; comparing all three prices for the same view sometimes reveals which packaging a bookmaker has priced most generously. The strategic caution: safety is not value. A 1X at 1.25 with a true chance of 78% is a losing bet dressed in safe clothing — short odds still need to beat the fair price.
Home 45%, draw 28%: fair 1X probability = 73% → fair odds 1.37. A book offering 1.44 is paying value on the 'safe' option; one offering 1.28 is not.