True Insurance Odds

Earlier today I explained how the odds of an insurance bet in blackjack are not equivalent to the payout, making it an unfair blackjack wager.

Yes, fair wagers do exist. Take that single number roulette wager. It carries 36-1 odds and has a 36-1 payout. That makes it a fair wager.

We already determined this morning that if in the first round of blackjack that the dealer had an Ace showing and neither of your cards were worth 10 that the odds were 2.0625-1, which does not equal the 2-1 payout that the house offers.

But that is an unlikely scenario. So let