What is an insurance bet?
Dealers offer this bet whenever their up card is an Ace. It has a 2-1 payout, which is meant to protect the player from losing his bankroll.
The ideal scenario it portrays is that the player still, gets something in return even if he loses his hand. At a glance, this is a pretty good bargain. But the bigger question is whether this bet is profitable in the long run. How long can a player benefit from this?
Unfortunately, the bet is far from being sustainable. In the end, the player loses more and misses great winning opportunities due to this kind of bet.
Insurance bet is a sucker bet
The problem with insurance bet is that it does not protect the player’s hand at all. Instead, it is more of a bet, which predicts that the dealer shall have a natural blackjack or the hole card has a value of ten (10).
For example, in a $10 bet where the player has a $5 insurance and the dealer gets a blackjack, the player wins a $10. The latter lost his hand, which is the $10 bet, but his $5 bet wins because of the insurance. By virtue of the 2:1 payout, the member gets a $10.
Such set-up barely shows the players’ gain since such situation is no less than a push. Moreover, one should always consider that although the house has the edge, this does not mean that the dealer gets a natural hand every now and then.
In the event where the dealer does not have blackjack and the latter has a stronger hand, the player can lose $15 (the bet and the insurance). It is also possible that the player and the dealer have a tie. Under such scenario, the member loses $5 (insurance).
Apparently, insurance works best only if the deck is filled with 10. But in a legitimate blackjack game, that hardly happens as all 10s are evenly distributed.
At the end of the day, insurance bets are still, good. Yet, only in certain occasions. Depending on such betting option will only prevent the player’s opportunity to score big.
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