Insurance has an alias, did you know that?
I am willing to bet that you are a smart blackjack player, be you an online blackjack player or one who plays in a brick and mortar casino. You most likely know what the alias of Insurance is.
Well this deceptive little choice that gives edge to the house also goes by the name of Even Money. And you will only be offered a shot at even money when you have been dealt a natural blackjack and the dealer has an Ace showing.
And that is exactly how the dealer will put it to you, making even money sound like something special that you have earned for being dealt a blackjack.
The truth of the matter is that even money does not earn you anything since you are actually giving part of your odds over to the house if you accept.
You know you are offered insurance when the dealer has an Ace showing, but with a natural blackjack you really do not need to insure it. So the casinos thought they would be smart and offer players the same thing with a different name. Hence even money.
Even money is when you receive a 1-1 payout. And that is exactly what you get if you accept even money. They want to scare you into taking a 1-1 payout so that there will be no risk to the house to pay you a 3-2 payout should the dealer not have a natural blackjack.
And that is the trouble with even money—players accept a lower payout and reduce their own blackjack odds when the dealer may not even have a blackjack. He is showing an Ace while you have one of the ten value cards he needs in his hand. That is already one shot at a blackjack that he does not have.
Just because the dealer is showing an Ace does not mean he has a blackjack. That is what you have to remember. Being scared and accepting even money only hurts you in the long run. Remember your blackjack odds increase as your opportunities to make money increase; and they decrease when your opportunities decrease.
So if you accept a payout that reduces your chance of making money, you are reducing you blackjack odds as well.
The point is to know what even money is and what it does to your odds so that you know why to decline even money. Even if the dealer has blackjack too you will only have to push, which is not as bad for you odds. Do not be afraid of a dealer’s Ace. Just decline even money and hold out—you just might get that 3-2 payout.