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Online Blackjack News - Are You Sure Insurance is a Poor Bet at Blackjack?
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Every blackjack player knows that according to the basic strategy it is not recommended to take the insurance bet. The insurance bet is an additional bet available when the dealer has an ace and it can equal half the amount of the initial bet. If the dealer has blackjack, it pays 2 to 1.
The insurance bet is sometimes called “taking even money” and the reason for that is as follows: If the player bets $10 and takes an insurance bet worth $5 and the dealer reveals a 10, the player looses his original bet ($10), but wins $10 on the insurance. If the player has blackjack, he pushes to see if the dealer also gets lucky or else he wins $15.
It is often recommended to avoid the insurance bet because of its large house advantage. Four out of every 13 cards in a deck is a ten-value card. At a game played with eight decks, when the dealer reveals an ace, all seven spots with a pair of 10s will want to protect what they consider as promising hands. The chances the dealer has a 10 in the hole are much lower than the probability he does not have a ten, the edge of insurance therefore is nearly twice the initial value.
Insurance has the lower house advantage when all seven spots in action and no tens are revealed (if cards are revealed at the start of the round). However, in a round like that, the players may not want to take insurance because they are convinced they have nothing to protect, but in this situation, the bet is least taxing.
Taking the insurance bet is up to the player, but the player must keep in mind that when the secret card is ten, it is not very smart to take insurance.
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| Source: Blackjack2002 News Staff
| Wednesday, 16 February 2005 |
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