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This is a version of insurance rather than a different bet. If the dealer has blackjack, the hand is a push, but the player receives twice the value of the insurance, which is the same as the original bet. If the dealer does not have blackjack, the player wins 1.5 times the value of the original bet but loses the value of the insurance and ...
A blackjack game in progress. Card counting is a blackjack strategy used to determine whether the player or the dealer has an advantage on the next hand. Card counters try to overcome the casino house edge by keeping a running count of high and low valued cards dealt.
If the dealer shows an ace, an "insurance" bet is allowed. Insurance is a side bet that the dealer has a blackjack. The dealer asks for insurance bets before the first player plays. Insurance bets of up to half the player's current bet are placed on the "insurance bar" above the player's cards. If the dealer has a blackjack, insurance pays 2 to 1.
As 3 cards in 12 are worth ten, the chance of the dealer getting a blackjack when showing an Ace is only 25%. Therefore, for insurance to be an even bet, it would have to pay 3:1, not 2:1. The house edge on the insurance is 24.7%, one of the worst of any wager in a casino. Hitting, standing, and splitting all follow similar rules to blackjack.
However if the dealer does not have a blackjack, the player will be paid 3 to 2 on the original bet and lose the even money bet. Mathematically, requesting "even money" on a natural on a table that pays 3:2 for a natural is the same as an insurance bet since the 50% bonus is being used to buy the insurance. [3]
A player cannot bet the remaining $500 which it would count as an all-in bet when the minimum bet is $5,000. However, a player may use the remaining $500 for the insurance. Insurance pays 2 to 1. Blackjack pays 3 to 2. The bets for the 21st and final hand were secret, with each player writing the bet out prior to the hand being played.
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In blackjack, the best possible hand for the player is to reach a score of 21 with exactly two cards, which necessarily involves an Ace and a ten-valued card (a 10, jack, queen, or king). [2] This hand, which usually defeats any other hand of 21 and carries a higher payout of winnings, is referred to as a "blackjack", or a "natural".