Since we discussed surrender as a part of your blackjack strategy this morning, I figured it might be beneficial to go over the two types of surrender that you are bound to come across: late surrender and early surrender.
The basic concept of surrender is to exit the round at the cost of half of your wager.
Late surrender is the variety that only allows you to bow out of the round after the dealer has checked to see if he has blackjack. This is the surrender variety that has the smaller impact on the house edge because the dealer is allowed to check first. And if he does have a natural blackjack, guess what—you just lost. Oh, and if he does have a natural blackjack naturally you lose your option to surrender.
Because there is still the potential that you would not be able to exit the round late surrender only knocks 0.08% off of the house edge.
Now we move on to early surrender. I do not know of a blackjack player who does not like early surrender best. Early surrender allows a blackjack player to exit the round before the dealer checks to see if they have a natural blackjack or not. By the time the dealer does check for a natural blackjack you are long gone from the round. Well, you still might be at the table, but that particular round is over for you. The dealer having a natural blackjack is a mote point for the player in this instance.
Because early surrender allows you an out regardless of whether of whether the dealer has a natural blackjack or not, it has a greater impact on the house edge: 0.6% off.
The next time that you are in a casino look for a table that allows for surrender, preferably one with early surrender although I will say it is not common to find. The important point is to use surrender in your blackjack strategy when it is to your advantage: you have a hard 15 and the dealer has a 10, or you have a hard 16 and the dealer has a 9, 10 or Ace.