What Does Insurance Mean in Blackjack?
In the world of casino gambling, insurance is used to protect your money from any losses you may experience. You can buy health, auto, and property insurance to help mitigate your risk of loss. Despite the common association of insurance with safety, in blackjack it is not always the smartest move. In fact, making the Insurance/Even Money bet in blackjack is one of the most costly things you can do when playing this popular game. This article will explain what does insurance mean in blackjack and why you should avoid it as often as possible.
In a normal blackjack game, the dealer will ask each player if they want to take Insurance (or even money) once they have their cards dealt. This side bet pays 2-1 if the dealer has a ten as his up card. Taking this bet will lessen your original wager and can give you a chance to break even if the dealer has a blackjack. However, you should only take insurance if the count has been positive and you know that the deck is rich in tens. Otherwise, it is a bad bet and you should avoid it.
There are many reasons why you should never make the insurance bet in blackjack. First of all, it has a very high house edge. This means that you will lose more often than you win. Secondly, the insurance bet will not pay out as much as you expect it to. There are only 16 tens and picture cards in a deck of cards, which means that you will only hit the insurance bet around 30% of the time.
Another reason why you should never take the insurance bet is that it will hurt your chances of hitting a good hand. If you are holding a 20, it is very likely that the dealer will have a ten in his hole. By taking the insurance bet, you will have taken out of play two of the tens that the dealer needs for his hole card to have a blackjack. This will reduce your odds of hitting a 20 by about 3%.
Although there are some situations where the insurance bet makes sense, you should avoid it at all times if you want to maximize your profits. The best time to take the insurance bet is when you have a weak hand and the count has been positive. This way, you will have a better chance of winning. Otherwise, this bet will only cost you money in the long run. Unlike car, health, and property insurance, blackjack insurance is not worth it in the long run.