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Blackjack Insurance Bet Explained

Blackjack Insurance Bet Explained

In blackjack, it is possible for the player to place a bet on the dealer’s hand. This bet option is only offered to the player if the dealer’s up card is an Ace. The insurance bet is a bet on the dealer’s hand which pays out at 2:1.

The player placing the insurance bet is only allowed to bet an amount equal to half of the original bet that was placed. If a player placed an original bet of $10, it means that he/she can only take out an insurance bet of $5. At 2:1, this will ensure that the player does not lose any money if the dealer gets a blackjack.

For example:

A player places a bet of $10 and gets dealt two cards. The dealer then deals for himself/herself and the up card turns out to be an Ace. Regardless of the player’s cards, the dealer then offers the option of an insurance bet to the player. The player accepts the bet offer as he/she has 19 points and places a $5 insurance bet. The dealer overturns the face down card which turns out to be a Jack. The insurance bet gets paid out before anything else and since the bet was placed at 2:1, the player gets paid out $10 for the bet and also gets back the $5 wagered. The player still lost the original bet of $10 that was placed, which means that the player lost $10 and won $10 and therefore broke even by placing an insurance bet.

A player can also win his/her original bet and lose the insurance bet. The player will then win much less than they would have won if they didn’t take the insurance bet.

For example:

A player places a bet of $10 and gets dealt the two cards which turn out to be 19 points. The dealer then deals for him/herself and the up card is an Ace. The dealer then offers the insurance bet option to the player who takes it and places the bet of $5. The dealer then reveals the hole card and it turns out to be a 9. The dealer has to hit again until they get a soft 17. The dealer hits again and gets a 6, which means the dealer must hit again as they have got only 16 points. The dealer busts and the player gets paid 1:1 for his original bet ($10) and loses the $5 placed for insurance. The player made only $5 profit with his/her winning hand.

If the player gets offered the insurance bet option and the player loses his/her original hand by for instance busting, the chance is also still there to lose the insurance bet as the dealer might not get a blackjack, but will still win. In this case the player will lose $15 if they placed a bet of $10 and took an insurance bet of $5.

Insurance is considered a bad bet. By paying the player 2:1 on the insurance bet, the casino is still underpaying the player, which makes it a bad bet to make.

Players can be offered an even money option when they have a blackjack and the dealer has a up card that’s an Ace. This means that the player will get paid 2:2 for getting blackjack instead of 3:2. If you work it out, it is exactly the same as taking the insurance bet. If the offer of even money is not taken up and the dealer also gets a blackjack, it’s a push (tie).

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