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Insurance
When the dealer has an Ace as an up card the player has the option of insurance before the dealer shows what he has in the hole.
If a player wants insurance then he is able to bet up to half of his first bet. When an insurance bet is made it is placed on a different part of the table. Usually, on the table will be printed “Insurance pays 2:1” and the player is simply betting that the dealer was dealt a natural blackjack. This means he was dealt a two-card blackjack and if so the player pays off 2:1 should it win. The reason it is called insurance is because it protect the original bet should the dealer in fact have blackjack.
If the dealer does not have blackjack then the blackjack bet is forfeited.
The insurance bet has a house edge of 2% to 15% so it is not in the best interest of the player who doesn’t count cards and has no idea what the hole card might be. The only time insurance is a good idea is when the player has been counting cards and is aware that the advantage is in his favor.
Casinos that deal hole cards sometimes have electronic sensors or small mirrors that check whether the dealer has a natural. This is necessary because the player with sharp eyes could potentially see the hole card and be given a huge advantage.
The following information can better help you understand insurance and what to expect if you have a certain score and you do buy insurance and if you don’ t buy insurance.
For example, if the dealer has blackjack and the player does not have blackjack and the player buys insurance then he will lose his original bet but win at 2:1 for the bet he placed as insurance. This is 1:2 taking the original bet in mind. If the player does not buy insurance then he loses 1:1.
If the dealer does not have blackjack and the player wins and bought insurance then he will lose the insurance money while winning his original bet. This results in a payout of 1:2 for the original bet. If the player did not win insurance in this situation he would win 1:1.
If the dealer does not have blackjack and the player has the same as the dealer and the player had insurance he will lose the insurance money as well as his original bet at 1:2. If the player does not buy insurance then he will push and there is no win or loss.
If the player loses and the dealer does not have blackjack, but insurance was purchased, then the player will lose both his bet and the insurance money. This results in a loss of the original bet at 3:2. If no insurance is purchased the player loses at 1:1.
On even money if the dealer and player both have blackjack then the player wins 2:1 even though the blackjack evens out. If no insurance was purchased the player pushes and there is no win or loss.
If the player has blackjack but the dealer does not and insurance was purchased then the player will win the original bet at 3:2 while losing his insurance bet at 1:2. As far as the original bet is concerned the player wins 1:1. If no insurance was purchased the player will win the original bet at 3:2.
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