Insurance is a good thing, right? After all, we need to take it out for healthcare, we have it for our cars and houses – it’s pretty much essential in everyday life. But what about blackjack? Can the same be said about insurance when it comes to the card game?
In this guide, we’ll give you all the answers and our final word on whether you should take insurance in blackjack. You’re going to be an expert at the game in no time!
What is an Insurance Bet?
An insurance bet is kind of like having a second parachute in your pack in case the first one doesn’t open. It’s not exactly essential, but there’s no harm in having one at the ready, is there?
The insurance bet is there to save you if the worst possible thing happens – the dealer shows blackjack. In that situation, you’d instantly lose your whole bet without insurance. However, if you place the handy bet, you’re going to get some winnings in this usually unfavorable scenario.
How Does Insurance Work?
In a standard blackjack hand, you place a wager and get your cards. If you beat the dealer, you win. Simple, isn’t it? However, if the dealer gets blackjack, you automatically lose, regardless of how good your hand is. That doesn’t seem fair, does it?
If you don’t like the thought of that happening, you can take out an insurance bet of up to half of your original bet when the dealer’s upcard is an ace. Then, if the dealer gets blackjack, you win 2 to 1 on that insurance wager. However, you’ll still lose your main bet.
Odds and Payout
Let’s break down what the odds are like on the insurance bet:
• Payout: If you win the insurance bet, you get a 2 to 1 return. Therefore, a $10 insurance bet would win $20.
• Odds: After the dealer shows an ace, they have a 30.77 percent chance of making blackjack if playing with a single deck. This figure can change depending on the number of decks in use.
• Odds Against Winning: It’s more likely that the dealer will not make blackjack after revealing an ace, with an approximate 69.23 percent chance of that outcome.
Expected Value
Gamblers often decide whether a bet is worth placing or not by figuring out its expected value if played over a long period. You should do that too, but don’t worry, you don’t have to do any complex calculations or anything.
In fact, we won’t bore you with the mathematical details here. We’ve crunched the numbers for you already, and discovered that the expected value of an insurance bet is around -0.59. That means that, on average, you’ll lose 59 cents for every $10 insurance bet made over the long term.
Is Insurance a Good Bet?
If you ask expert players, they’ll tell you that insurance isn’t a wise bet because of its expected value. It’s also got nothing to do with the main strategy and could serve to distract you if you’re a beginner.
However, some people still want to place the bet to have a bit of fun. When the dealer shows an ace, it can be an additional rush to see whether you’ll win the insurance bet or not. It’s the one time you’re actually rooting for the dealer!
Insurance Strategies
If you’re adamant that you want to take insurance when you play blackjack, you could investigate some strategies about it. The key thing you should take note of is bankroll management. Make sure you limit how much you’re willing to wager on it, so you can protect your funds while still having a bit of fun.
It’s also a great idea to check the casino’s rules before you place this bet. There’s a chance that different sites will have their own rules about the payouts and limits for the bet. Also, certain blackjack variants may lend themselves more to insurance bets.
Making Informed Decisions About Insurance
Now you know all about insurance, you may have figured out that it’s not the wisest play in blackjack. The bottom line from us is this: If you want to have a bit of fun and place an additional bet, go for it. But if you want to play optimal blackjack strategy, avoid taking insurance.
