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The pioneering theme should you ever take insurance blackjack creates a space oddity experience, incomparable to any other slot game available today. Exclusive Progressives just for Gold, Platium and Diamond ACCESS card holders! Why You Should Not Take Insurance on Blackjack. Most experts advise players to stay away from buying insurance because the chances of the dealer getting an Ace is 9:4. These odds indicate that the math is not on the side of the player. There are 52 cards in a single deck, and only four cards out of every 13 cards have a value of 10. Nov 30, 2018  You divide that by $ 49, your net loss is going to be 14% house edge. That is a soccer. So, let’s recap: if you are a basic strategy point where there’s no scenario at all and which you do even should consider making the insurance, but it’s a sucker. Therefore you should never ever make insurance is insurance, but never a profitable.

Michael Shackleford: Hi guys, this is Mike and the purpose of today's Wizard of Odds Academy lesson will be to explain why you should never take insurance in Blackjack. What insurance is, is a side bet that the dealer has a 10 point card in the hole.

It is offered when the dealer already has an ace up, so it wins in the event that the dealer gets a blackjack. The insurance bet can be made for up to half of the player's original bet and it pays two to one if it wins.

I'm going to…

…put a two for the pace if the dealer has a 10 point card in the hole and a negative one if the dealer has an ace and a nine which represents that the player lost his insurance bet.

Let's assume six packs of cards, shall we?

Assuming no other information other than the ace up the dealer already has, there are 96 winning cards for the insurance bet, 16 times 6 out of 311 left. There's 311 because a full six-deck shoe is 312 cards and we take one out because of the dealer's ace, and there are 215 cards that will cause the insurance bet to lose.

Let's take the product of the win and the probability.

2 times 96 over 311 is 61.74% and 215 divided by 311 times -1 is -69.13%. In other words, the player can expect to win 61.74% of his bet and lose 69.13% of his bet. We take the sum which is -7.40%. That means that for every dollar the player bets on insurance, he can expect to lose 7.4 cents or 7.4% of whatever his insurance bet is.

7.4% is a pretty high house advantage and consequently, I recommend that you say no to insurance every time. Before someone says in the comments, 'Mike, what if the count is good? What if I'm counting cards?'

Yes. Then, of course, there are exceptions. If you've been counting cards and you know that the remaining cards are very 10 rich, but for the recreational player that's not counting, insurance is a terrible bet and, again, I recommend you decline it every time.

'What about even money?'

You might be asking me. Well, let me explain to you first of all, that the even money offer is the same thing as taking insurance. It's only offered when the player already has a blackjack and the dealer has an ace up.

Let's look…

…at what would happen both ways if the player has a blackjack and takes insurance. If the dealer ends up getting that blackjack, the main bet will push, so it wins nothing, but the insurance but will win one unit because the player bets half a unit on insurance. The insurance but pays two to one on the winning blackjack. One-half times two equals one.

Next…

If the dealer does not get that blackjack, the player's main wager will pay one and a half but he will lose half a unit on the insurance. The combined when between the main wager and the insurance wager is one unit when the dealer does get a blackjack and one unit when the dealer does not get a blackjack.

It doesn't make any difference whether or not the dealer gets a blackjack. If the player has a blackjack and takes insurance, he wins one unit either way and what the dealer is essentially saying is, 'Look, if you take insurance, you're going to win one to one regardless if I have a blackjack. I may as well just pay you now before I even check what I have.”

It sounds attractive but let's do some math and see if you should take it. Let's evaluate the situation where the player has a blackjack, the dealer has an ace up and the player declines insurance. If the dealer has a 10 in the hole, then the player will win nothing because it will be a blackjack against blackjack tie, in other words, a push. If the dealer has anything else in the hole, the player will win his full three to two on his wager or 1.5.

Let's assume:

knowledge of no other cards in the shoe other than what's already on the table. There are 309 cards left out of the 312 card shoe, less than three cards already involved, the player's ace and 10 and the dealers ace.

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The probability that the dealer has a 10 in the hole is 95 divided by 309. Like I just said, there's 309 cards left, the shoe started with 96 tens but the player has one of them. The chances that the dealer has an ace to 9 in the hole is 214 divided by 309.

Let's examine what the player can get back either way:

If the dealer does have that 10 in the hole, the player can expect to get back nothing because the probability of zero times anything is zero. If the dealer does not have a 10 in the hole, the player can expect to get back 1.5 with a probability of 214 divided by 309. The product of those two numbers is 103.88%. If we add them up, it's obvious you still get that same 103.88%.

What this means is…

…if the player has a blackjack, the dealer has an ace up, the player can expect to win 1.0388 times his bet or about 104% of whatever he bet. The decision to whether or not to take even money is the decision; do you want to get back an average of 103.88% of your bet or just 100%?What's more? 100% or 103.88%? Well, 103.88% is more, therefore, if you're seeking the greater expected value, which you should be in any casino game, you should decline even money and go for that 103.88%.

Few caveats here:

Number one - again this is assuming the player is not counting cards, just a recreational player. Number two - this is assuming that a blackjack pays three to two.

Finally, this question has come up on my forum every once in a while and a lot of people use the argument that yes, I make a good mathematical argument for declining an insurance even money but what about the psychological argument?

If you’re in this situation with a blackjack against the dealer ace, some people will say you have a 100% chance of being happy by taking the even money, locking in a sure win but only a 69.26% chance of being happy by declining the even money.

Those figures are right but…

…in the casino as well as real life, you should be long-term minded. You should be thinking what is the expected average gain for any decision that you make? Do not always play conservatively and lock in the small win when the average win by taking a chance is greater.

Of course, there are exceptions for life-changing situations but if you’re playing Blackjack, it assumes that you like gambling, to begin with. You’re in the casino you’re gambling, gamble on winning that full one and half, don’t settle on the measly one unit. Furthermore, even if you do use this argument of I want a 100% chance of being happy right now, I’ll take the even money. That happiness is only going to last less than a minute until the next hand.

I think…

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…you should be thinking what is going to be your happiness when you finally walk away from the table and you go home for your trip? The more money you win or the less money you lose from that sitting and the whole trip, the happier you’re going to be.

Furthermore, you’re going to get more, shall we say, action by taking that chance on winning with your blackjack. Like I said you’re gambling, to begin with, so gamble!

I can’t think of anything else to say on this topic. I hope that I’ve convinced you to always say no to insurance and even money.

Thanks, guys for listening and I’ll see you in the next video.

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My wife had never played blackjack before, and we were getting ready to go to the casino. She asked me to give her some tips, and my first thought was that I wished she’d told me a month ago. That way, I had time to teach her more. But I told her everything I possibly could in a half hour.

This article is a summary of the advice I gave her. If you want a quick summary of how to play blackjack without losing your shirt, you could benefit from this page. You can also use it as a beginners guide to playing blackjack if you need to help a newbie on their first trip to the tables.

If you’re an experienced blackjack player, this advice is going to sound simple. One of the problems that experienced players have is they forget what beginners don’t know. I struggle with this, so it’s not an insult. You just need to try to put yourself in the beginner’s shoes and start from the beginning.

When you keep things as simple as possible, you don’t run the risk of confusing a new player with too much information. Here are the five simple steps I taught my wife for her first real money blackjack experience.

1 – Finding a Good Table

It’s easy to get bogged down trying to figure out all of the different blackjack rules variations and how they change the house edge. But when you’re trying to figure out the best way to get started, you need to keep things simple.

Here are the two rules that I told my wife to focus on.

• Play at a table that pays 3 to 2 for blackjack
• Play at a table where the dealer stands on a soft 17

I also told her that if she can’t find a table where the dealer stands on a soft 17, she could ignore that rule.

I understand that if you want to play with a house edge as low as possible, you need to find games with other good rules involving surrender, doubling after splitting, doubling on as many totals as possible, and splitting multiple times. But all of this can quickly get confusing for a new player.

If you’re extremely limited for time, you can drop the second rule and simply make sure you’re getting 3 to 2 on natural blackjacks. The house edge goes up so much when the payout drops to 6 to 5 that you shouldn’t even play.

The difference in house edge between the dealer hitting and standing on a soft 17 isn’t as much, so it’s not as important. Many casinos with several blackjack tables have at least a few tables that pay 3 to 2 and have dealer that stand on a soft 17 rule.

Once you gain some experience at the blackjack tables, I recommend learning about other rules. This will help your long-term results. The best way to get started is to find a 3 to 2 table and start playing.

2 – Never Take Insurance

The second step is to never take insurance. Some dealers call the insurance bet even money because the casino wants you to believe you can break even when you take the bet. The problem is that the only time you break even is when the dealer has a natural blackjack. When the dealer doesn’t have a blackjack, you still play your original bet out and lose the insurance bet.

The truth is that insurance isn’t really part of the regular blackjack game. It’s just a fancy way for the casinos to add a profitable side bet to the base game.

When the casino offers you blackjack insurance, the bet is really whether or not the dealer’s down card is a 10-point value card. Insurance pays 2 to 1, but the deck has nine cards that aren’t worth 10 and four cards that are. This is a ratio of 9 to 4, which is worse than the 2 to 1 payout, making insurance a bad bet.

3 – No Side Bets

Insurance is the most common blackjack side bet, but many casinos have other ones available. As a general rule, all side bets offered in a casino should be avoided. This is true for all of the most common blackjack side bets too.

Should You Take Insurance Blackjack

Stick with the base blackjack game that pays 3 to 2 for natural blackjacks and never make any side bets, including insurance.

4 – Strategy Card

Blackjack is one of the games available in the casino where you can use strategy to alter the house edge. Some plays are easy to figure out, but many of them are difficult to figure out when it comes to the best strategy.

The great news is you can simply use a strategy card at the table. Sometimes, other players frown on players who use a strategy card at the table. But casinos don’t mind as long as you don’t slow the game down too much. And once you learn how to use a strategy card, you can quickly see the best play.

After you use a blackjack strategy card for awhile, you start memorizing the most common plays. This helps you make playing decisions faster.

Sometimes, a blackjack dealer will give you advice. If this advice is about the rules and how to play, you should listen to them. But if a dealer tries to tell you how to play a hand that doesn’t agree with your strategy card, you should politely decline their advice and follow the best strategy.

Here’s a link to some blackjack strategies you can print out and take with you to the casino. If you’re playing real money online blackjack, you can keep this chart beside your computer. You can also buy blackjack strategy cards in most casino gift shops.

5 – Make Minimum Bets

The base blackjack game has a house edge for the casino unless you learn some advantage plays like counting cards. The longer you play and the more you risk, the more you’re going to lose. In games with decent rules, the house edge is less than 1%. Some games have an edge of less than .5%. But you’re still fighting against an edge.

This is why you need to make the table minimum bet and stick with it. Many blackjack players ramp up their bets when they get down, basically chasing their losses. While this works sometimes in the short term, in the long run, it just means they lose more money.

Should You Ever Take Insurance In Blackjack

If you’re playing $10 a hand at the blackjack table and play 60 hands in an hour, you’re risking $600. You can expect to lose $6 per hour on average at this rate.

When To Take Insurance Blackjack

The way to play as long as possible is to bet the minimum amount with the lowest possible house edge. I told my wife to take a break every hour and get a snack or walk around for a few minutes. This is one way to reduce the number of hands you play every hour and reduce the total amount you wager.

When To Not Use Insurance Blackjack

Conclusion

The five steps on this page can be covered pretty quickly. You can even write them down on an index card so you can take them along with your strategy card to the casino. By following these steps, you can keep the house edge low and make your bankroll last longer.

These steps also give you a chance to win your first blackjack playing session. The odds are still against you, and you’re going to lose in the long run unless you learn some advantage plays. But this simple system does give you a chance to win some sessions.