In a world of insuring everything from cars to houses, there is one type of insurance that many players pooh-pooh: blackjack insurance. In fact, when asked if they ever buy insurance when playing blackjack, most professional card counters will admit that they never do. That’s not to say that insurance is a bad thing; it just means that, when used incorrectly, the insurance bet increases the house edge and can reduce a player’s overall winnings.
In short, blackjack insurance is a side bet that is offered to players when the dealer’s up card is an ace. The bet pays out at odds of 2 to 1 and the maximum amount you can place is usually half your original bet. In order to qualify for the insurance bet you must have placed a bet on your hand, and the dealer will then check their hole card before continuing the hand.
This makes the insurance bet different to most other side bets in that it only happens in a specific scenario after the hand has begun, and you must make a certain minimum bet of the same value as your initial wager in order to take it. It also only pays out if the dealer has a blackjack, which means that you will not break even on your original bet should they have a 10.
The main reason that players choose to take insurance is that they believe the dealer’s second card is likely to be a 10, allowing them to beat their original hand. This belief is often based on counting cards, with most popular card counting systems recommending that players only take insurance when the count is +4 (indicating a deck that is rich in Tens).
While this method of playing can boost your bankroll in the short term, it will not allow you to beat the dealer’s blackjack, and it is far more likely that you will lose your original bet than win your insurance bet. Despite this, the option is still available at most casino tables, both online and offline.
So if you’re thinking about taking the insurance bet next time you play, think again. While it may seem like a good idea at first glance, it is actually a very poor choice for the vast majority of players. It’s not worth the risk!
Insurance is a very costly bet for the player, offering only a small chance that it will pay out and leaving them with a big loss on their original wager. It is a suckers bet that should be avoided, especially for those who want to play in a way that maximises their wins and minimises their losses. Using the right strategy will allow you to play the game in the most effective manner, reducing the house edge and increasing your chances of success. Insurance is a bad option for all but the most experienced and confident players. So why are so many players still making this mistake?