We live in an age when insurance is vital for our well-being. Some conspiracy theorists would argue that insurance houses are controlling the world. We wouldn’t go as far. But, we do put insurance on our cars, homes, our health, and everything in between. So, why would it be to have some insurance when playing blackjack?
While it’s called insurance, when it comes to blackjack online we’re talking about different kinds of insurance than the one you have in mind when you hear the term. In the case of this popular casino game, you have a chance to insure your bet. Many players are against it, while plenty of users see the benefits of an insured bet. Each bet needs to be seen as an asset. Assets are what we always insure in other spheres of our lives. So, gambling and online casino endeavors should be no different, right?
If you spend a lot of time playing live blackjack you meet a lot of players from all over the world. Chatting with them will bring out the topic of ensuring your best. This is a polarizing subject, you’d agree, right? Do you have an opinion? If not, you should read this article first and think about it later. Insurance in blackjack is a great topic for all gamblers and casino goers, so let us dig deeper into it through this article.
Insurance in Blackjack: What is It?
When you play blackjack it is possible to buy insurance. The interesting part is that you are not insuring your hand. Instead, you are insuring yourself against the dealer’s hand. The only time during a blackjack game when you can buy insurance is when the dealer’s first card turned face up is an Ace. So, in its essence, an insurance bet is a side bet during a round of blackjack.
The payout for an insurance bet is set at 2:1. The catch is in the fact that you are betting on the dealer to get a blackjack from a two-card draw. So, when the dealer gets a blackjack your insurance bet kicks in and you double your insurance bet. If the dealer fails to reach 21, you lose your insurance bet and the game continues as if nothing happened.
While it sounds like a good idea to insure yourself against the dealer’s hand, not everyone will agree. In fact, the gambling community is quite divided on this subject. Many pro players believe that it is much better to develop a betting strategy based on your cards rather than looking at what the dealer might pull. When the dealer pulls a 21 and you have an insured bet you will get double of your side bet, but you will lose your initial bet in the process. This is why many players believe that an insurance bet is actually pitted against the players. Before picking a side in this never-ending argument, please continue reading this article. We aim to help you form an independent opinion on the subject so let us continue.
The Operational Part of Blackjack Insurance
To better understand the full ordeal of blackjack insurance you need to learn how it works. It has only one purpose – to protect the player from the dealer’s blackjack. Let’s break that into details:
* When the dealer draws his cards, if the first one is Ace he will offer the player a chance to insure his bet against a blackjack before the play is continued.
* This additional bet doesn’t come free of charge. A player needs to put another bet which is set on the insurance line which is also part of every blackjack table. There is a limit on this bet as it can only be the maximum of half of your initial bet.
* Insurance bet will only be paid out if the dealer gets 21 from a two-card draw. So after an Ace, the dealer needs to draw a face card for an insurance win to be a winning one. If it’s 21 after two cards you get your insurance bet paid out in a 2:1 ratio.
* The good side of an insurance bet is the fact that if the dealer doesn’t have 21 you lose the insurance bet but the game continues all the same and you have a chance to beat the dealer with your cards and your initial bet. For some players, this is a lose/lose situation and thus they avoid insurance bets while others see it as a great way to continue playing without fear of losing from the dealer’s straight-out blackjack.
Advantages and Disadvantages of Insurance Betting
The decision to make an insurance bet lies solely on you. It is not a forced part of the game plan. Before deciding if that’s the road you want to go, hear out about the advantages and disadvantages of insurance betting in blackjack. What divides the player is the fact that a blackjack insurance bet has both. So the next time you engage in crypto gambling at Stake and your dealer pulls out an Ace think of these advantages of blackjack insurance:
* Protection – The ultimate goal of every insurance bet is to give the player protection from the ultimate goal of blackjack and that is the dealer’s 21. So, if the dealer pulls a famed 21 your initial bet is insured and its entirety is protected.
* Additional payout – In case, the dealer fails to pull a blackjack from a two-card draw and you have insurance, the sum received will be double your insurance bet thus leaving your initial bet unscathed.
While these advantages do sound fine, insurance bet also has a few disadvantages. These are the ones that irks blackjack players the most:
* Negative expected value – Blackjack is a game of odds. The chances that the dealer will receive 21 are way less than those that he will miss out on blackjack. So, if you pay the insurance bet every time the dealer pulls an Ace in the long run you will record losses from those bets.
* House Edge – Blackjack has so many fans due to the fact that the house edge is much lower compared to some other popular games. So, why give the house a chance to increase its edge? This is what making an insurance bet does. It’s understandable why some players want to avoid it and continue playing on the initially set house edge.
* Distraction – Blackjack is a game of strategy. Experienced players do not sit at the table without a devised strategy. For them, making an insurance bet is a step away from the existing plan. By doing this, you lower your chances of winning in the long run.
When to Take Insurance in Blackjack
There are times when it needs to be taken. Some players, and you might be one of them, base their strategy on insurance bets. So, if you have them incorporated into your overall gaming plan, ensure to pull the trigger at the right moment.
The best example is counting cards. If you have a clue how to do it at a good level, you may recognize the moment when the dealer’s chances of a 21 are high. If you’re sure in your method, making an insurance bet is a logical step.
The next moment when it might be wise to ensure every bet when the dealer pulls an Ace is when you’re playing a high-stakes game. When the bets are high, having a few of them insured is a good option.
Another time when insurance bets are a must is when you’re a blackjack tournament player. In this type of environment, it is not important to win every hand but to advance to the next round. Tournaments usually require playing with less risk, safely and steady, so insurance bets often come into play.
What Are the Odds for Insurance Bets?
We can’t be specific here. To be honest, it all depends. While that’s not an answer you are looking for, multiple factors are deciding on the odds. For one, it all depends on the number of decks used and the rules of the particular game you’re playing. When the dealer pulls an Ace, his chances to get a blackjack are around 30% or 9:4. When you look at it through the number of rounds played, out of every 13 rounds, four of them can result in a blackjack.
Regardless of the rules of the game of blackjack you play, insurance bets are almost always set to be paid out in a 2:1 ratio. So, when you make a $5 bet on insurance you will receive a payout of $10. You can look at insurance bets coming through by the odds of the dealer having a blackjack every time he draws an Ace. Multiply those odds with your insurance bet and see how often you would win. In the long run, one cannot exit the game with a positive payout when paying the insurance bet every time. So, when players see that they would be losing money in the long run, they step away from these types of bets.
If you play a round of blackjack with only one deck involved it is easier to get your grasp on the odds of an insurance bet. With one deck and an ace on the table, the dealer has almost a 5% chance of pulling out a 21. Insurance bet pays out in a 2:1 ratio so this translates to your possible payout with it rounded to 10%. So, in the long run, the odds of winning this way are not all that much. It is actually close to losing $9 on every $10 bet.
Should You Waste Time on Blackjack Insurance Bets?
Playing the game of blackjack with a viable strategy can be a nice way of earning money quickly. But, you could lose it quickly too. Finding a way that is safe and profitable takes time. It is up to every individual player to find out what works for them the best. As far as blackjack insurance bets go, they are only a short-term solution. In the short run, they can cover you nicely. In the long run, if you pay an insurance bet every time, they will turn into losses.
To win an insurance bet, the dealer needs to pull an Ace first and then follow it with a 10 or a face card. One deck, for example, has 16 of those cards. So, the dealer’s chances of hitting one of those cards after pulling an Ace are around 30%. A 2:1 return on 30% chances of winning doesn’t look so bad, doesn’t it? While it doesn’t, we must reiterate that in the long run paying every insurance bet will result in a loss.
This is what we’re trying to say. The longer you lay the bigger the chances are that paying insurance bets will lead to your downfall. The odds show that you will lose this bet more often than you’ll win it. Also, you do not want to bet on the dealer all the time. After all, you are playing against him. Sometimes, an insurance bet will maximize your chances of a win, but the best way to become a winner is to have a viable strategy of your own, learn the game, and play with patience. And focus on your hand rather than the dealers.
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