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I have received two job offers from two distinct companies in the US.

I know that I can let both companies send an application for my H1-B visa. However I'm wondering: are my chances of obtaining a visa doubling? Or does the lottery works by person, and not by application?

And should I tell each company that I'm applying for the same visa twice?

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The lottery is for applications. The only caveat is that if you submit multiple applications for the same position - they will all be disqualified, even if through different employers (this is to combat the abuse of people paying various "contractor mills" to submit them for the same employer who agreed to hire them).

As to telling them - up to you, but they may discover it through RFEs if both the applications are selected.

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