Insurance is a common debate in blackjack regardless of whether you play online blackjack or blackjack in a brick and mortar casino. There are some that say insurance is a sure thing and to take it when offered. Then there are those who say insurance is the devil, that it will hurt your odds and to avoid taking it. Then there are so who are uncertain because they are not really sure what insurance truly is.
So we will start there. Insurance is offered when the dealer is showing an Ace, one of the cards that is key to having a natural blackjack and beating all other hands. Players can take insurance for half the cost of their original wager. If the dealer
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Some players are die hard about insurance and blackjack. They insist on insurance remaining a part of their blackjack strategy.
It has been explained numerous times why insurance is bad for your blackjack odds.
For one thing it is a side bet. Side bets were created with the purpose of squeezing even more money out of players. The best you can do with insurance is break even. In other words you wager an additional $5 on a $10 wager just to hang on to your $10. It is still more money on the line, which is another opportunity for you to lose money. Losing money is bad for your blackjack odds and will lower them.
For another thing the only way to win an insurance bet is for the dealer to have that 10 for a hole card and to therefore have a natural blackjack. Hoping to win an insurance wager is hoping for the dealer to win the round. And there is something just wrong about hoping for the dealer to win.
Finally there are the blackjack odds of the dealer having a 10 card and the money involved in those odds.
A dealer only has a 31% chance of having a 10 card for a hole card. That is only four times out of thirteen: 10, Jack, Queen, King. The other nine out of thirteen, or 69%, of the time the hole card will be any other card.
Now we are going to say that you are wagering $10 per hand, which makes insurance $5 each time. In terms of money this means that you could expect to win $40: four times $5. So if there is a nine in thirteen odds that the card is anything other than a 10 card it means that you will lose $45.
So you see, by taking insurance you are hurting your own blackjack odds and losing more money that you would not have to. Insurance makes for bad blackjack strategy.
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Recently I was asked a question in regards to blackjack strategy and insurance. The young man in question plays blackjack online, and had heard that insurance can sometimes be advantageous for the player. He wanted to know if this were true or not.
In a way, yes, it is true. But! But it cannot be used for online blackjack.
In order to make insurance work for you in terms of blackjack strategy you need to be a card counter. And I do not just mean that you have just started counting cards in the casino. You need to be a strong card counter.
Real quick let
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When it comes to odds in casino games, many are actually quite accurate, or true. I know, surprising considering how the casino like to take money. However, at least in most games the odds are true. One of the exceptions though is an insurance bet in blackjack.
First off, what are true odds?
True odds are quite simple. Odds are true when they are even with the payout. Meaning the payout has to be the same as the odds of landing that payout. Take roulette for example. In a game of roulette there are thirty six numbers. If you were to make a wager on one of those numbers and won that round you would receive a 36-1 payout. And that matches the odds of landing one number, which is naturally thirty six to one.
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
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