For purpose of completeness, I add the code I used for my explanation:
//Case 1: One FeatureLayer with two DotDensityStyles
winformsMap1.MapUnit = GeographyUnit.DecimalDegree;
winformsMap1.BackgroundOverlay.BackgroundBrush = new GeoSolidBrush(GeoColor.GeographicColors.ShallowOcean);
ShapeFileFeatureLayer statesLayer = new ShapeFileFeatureLayer(@"../../data/USStates.shp");
statesLayer.ZoomLevelSet.ZoomLevel01.ApplyUntilZoomLevel = ApplyUntilZoomLevel.Level20;
statesLayer.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(new AreaStyle(new GeoPen(GeoColor.StandardColors.Black,1),new GeoSolidBrush(GeoColor.StandardColors.LightGray)));
DotDensityStyle dotDensityStyle = new DotDensityStyle();
dotDensityStyle.ColumnName = "AGE_18_64";
dotDensityStyle.PointToValueRatio = 0.00001; // (1 / 100,000) = 0.00001
dotDensityStyle.CustomPointStyle = new PointStyle(PointSymbolType.Circle, new GeoSolidBrush(GeoColor.FromArgb(180, GeoColor.StandardColors.OrangeRed)), 6);
statesLayer.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(dotDensityStyle);
DotDensityStyle dotDensityStyle1 = new DotDensityStyle();
dotDensityStyle1.ColumnName = "AGE_65_UP";
dotDensityStyle1.PointToValueRatio = 0.00001; // (1 / 100,000) = 0.00001
dotDensityStyle1.CustomPointStyle = new PointStyle(PointSymbolType.Circle, new GeoSolidBrush(GeoColor.FromArgb(180, GeoColor.StandardColors.Green)), 6);
statesLayer.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(dotDensityStyle1);
LayerOverlay layerOverlay = new LayerOverlay();
layerOverlay.Layers.Add("States",statesLayer);
winformsMap1.Overlays.Add("Overlay",layerOverlay);
statesLayer.Open();
winformsMap1.CurrentExtent = statesLayer.GetBoundingBox();
statesLayer.Close();
winformsMap1.Refresh();
//Case 2: Two FeatureLayers with one DotDensityStyle each
winformsMap1.MapUnit = GeographyUnit.DecimalDegree;
winformsMap1.BackgroundOverlay.BackgroundBrush = new GeoSolidBrush(GeoColor.GeographicColors.ShallowOcean);
ShapeFileFeatureLayer statesLayer = new ShapeFileFeatureLayer(@"../../data/USStates.shp");
statesLayer.ZoomLevelSet.ZoomLevel01.ApplyUntilZoomLevel = ApplyUntilZoomLevel.Level20;
statesLayer.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(new AreaStyle(new GeoPen(GeoColor.StandardColors.Black, 1), new GeoSolidBrush(GeoColor.StandardColors.LightGray)));
DotDensityStyle dotDensityStyle = new DotDensityStyle();
dotDensityStyle.ColumnName = "AGE_18_64";
dotDensityStyle.PointToValueRatio = 0.00001; // (1 / 100,000) = 0.00001
dotDensityStyle.CustomPointStyle = new PointStyle(PointSymbolType.Circle, new GeoSolidBrush(GeoColor.FromArgb(180, GeoColor.StandardColors.OrangeRed)), 6);
statesLayer.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(dotDensityStyle);
ShapeFileFeatureLayer statesLayer1 = (ShapeFileFeatureLayer)statesLayer.CloneDeep();
DotDensityStyle dotDensityStyle1 = new DotDensityStyle();
dotDensityStyle1.ColumnName = "AGE_65_UP";
dotDensityStyle1.PointToValueRatio = 0.00001; // (1 / 100,000) = 0.00001
dotDensityStyle1.CustomPointStyle = new PointStyle(PointSymbolType.Circle, new GeoSolidBrush(GeoColor.FromArgb(180, GeoColor.StandardColors.Green)), 6);
statesLayer1.ZoomLevelSet.ZoomLevel01.CustomStyles.Add(dotDensityStyle1);
LayerOverlay layerOverlay = new LayerOverlay();
layerOverlay.Layers.Add("States", statesLayer);
layerOverlay.Layers.Add("States1", statesLayer1);
winformsMap1.Overlays.Add("Overlay", layerOverlay);
statesLayer.Open();
winformsMap1.CurrentExtent = statesLayer.GetBoundingBox();
statesLayer.Close();
winformsMap1.Refresh();