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Casino consultant |
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Thursday, August 28th 2008 |
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The theory behind insurance while playing Blackjack is similar to the way we financially protect our cars from random catastrophe. It is a way to financially protect yourself in case the dealer hits a blackjack.
Insurance only comes into play if the dealer's first card is an ace. This sort of initial card makes the possibility that the dealer will get a blackjack a reality. When the dealer has a blackjack everyone else's cards are worth about as much as Enron stock. This is why players are given the opportunity to purchase insurance if the dealer starts off with an ace.
To buy insurance against a dealer's blackjack, the player will lay down half of their original bet. So if originally you had bet $20, insurance will cost you $10. The insurance bet is separate from your original bet and only pays off if the dealer gets his blackjack. In the event that dealer does get the ultimate hand, your $10 insurance bet will pay off to the tune of 2 to 1. In other words, you get $20. This basically balances the loss of your original $20 bet.
If the dealer does not get a blackjack but still wins by a combination of other cards (or you bust), both the original bet and the insurance bet are gone. So your total losses on the hand are $30. If you win, your victory will only payoff on the original $20 bet. The $10 bet is simply lost to the dealer.
As a rule it is good to avoid the insurance bet unless you are fairly confident that the dealer will hit the hand, otherwise it is just throwing good money after bad.
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