The only time that this myth would come up is when you are dealt a natural blackjack or a 20 and the dealer has an Ace showing. In fact, the only time you are offered insurance in blackjack is when the dealer has an Ace showing.
The belief on this blackjack myth might sound reasonable, but it is in fact not practical. Here are the reasons these myth-believing blackjack players will insure their blackjacks and 20s:
– If you insure your blackjack you will get an even money payout no matter what even if the dealer has a blackjack.
– If you insure your 20 and the dealer does have blackjack you will wind up with the equivalent of an even money payout because you will lose that round’s wager, but will collect on the insurance bet.
The belief in this myth is that you are protecting your hand. The problem is that when you are protecting it you are costing yourself more money.
When you insure your blackjack you are losing out on your potential profits. By ensuring a blackjack you are taking a payout of 1-1 and giving up your 3-2 payout. Breaking that 3-2 down looks like this: 1.04-1. And 1.04 is greater than 1-1. Taking insurance, ergo even money, on a blackjack is costing you 4% of your potential profit. So while insurance might feel safer, it is more expensive in the long run to your profit.
As for insuring your 20, that is just not practical. What is a hard twenty made of? It is made up of two 10s. It is one of those pairs that you do not split. Think of this: you are holding two of the cards the dealer needs. This lessens the dealer’s chances of having a blackjack, and it lessens your chances of collecting on your insurance bet because you need him to have a 10. So put all of your chances on yourself and do not take insurance.
Part of your blackjack strategy is playing smart. Not all the tips you hear on the casino floor and in online blackjack forums are good ones. Take some time and think about the blackjack tips you find, maybe even do a little bit of research one them, before putting all your belief behind them. You might even try them out in a free-play mode of an online casino to see how they work.