Blackjack insurance – yes or no?
Blackjack insurance, yes or no? If you’re an online Blackjack fan, you’ll know just how thrilling the game is—pitting yourself against the dealer or the house to reign supreme and win the hand. And even if you’re not a regular player, chances are you know the aim of the game just by having seen it in TV or movies. Build a card hand value as close as possible to 21 without going over. If your hand beats the dealer’s, you’re a winner!
It’s as simple as that, which is why online Blackjack is loved by beginners and seasoned players alike. Not just that though – with an element of skill involved. Blackjack is one of the very few casino games where experienced players can reduce the house edge to almost zero, increasing their chances of winning exponentially. Because with Blackjack it’s not all about luck. It’s about skill too. One of the most important skills to have is learning whether to take Blackjack insurance or not.
What is Blackjack insurance?
Good question! In fact, if you’re a first-time player or new to online casino gambling altogether, you may not even have realised that Blackjack insurance was actually a thing. (Spoiler alert: it very definitely is.)
So what is Blackjack insurance then? Simply put, it’s a side bet that you’ll be offered if the dealer’s face-up card happens to be an Ace. Should this happen. You’ll be given the option of betting that the dealer’s face down card is a 10 or a picture card, ultimately resulting in a natural Blackjack hand. If you choose to place an insurance bet and the dealer does turn out to have Blackjack, you’ll be paid out at 2:1. And your initial bet will essentially be covered, giving you your money back. You’ll break even with nothing gained and nothing lost. Sounds like a plan, right?
Before you go spending all your money on insurance though, let’s look at what taking this side bet really means.
Yes, take the Blackjack insurance!
It’s a win-win: You already pay for insurance on various other things in your life, right? If you’re paying car insurance, household insurance, life insurance and more. Why not play it safe and take out Blackjack insurance too? If the dealer does happen to have 21, there’s nothing to worry about. And you’ll have successfully avoided any potential losses.
Playing it safe: If you’re typically more of a risk-averse person, you’ll appreciate the safety net that Blackjack insurance offers. You’ll be able to manage your risk more effectively, and mitigate any potential losses or unfavourable outcomes.
Peace of mind: Everyone is far more concerned with mental health these days, and rightly so. That’s exactly what Blackjack insurance can offer. The psychological benefit of having more control over the outcome, and having precious short-term relief from the uncertainty of gambling.
No, don’t take the insurance!
It’s a losing bet: People far more intelligent than us have done the maths, and it turns out that taking Blackjack insurance is a losing bet in the long run. That’s because the odds of the dealer having a natural Blackjack hand are less than the 2:1 payout offered by insurance, meaning that the bet has a negative expected value. Which isn’t what we’re after here.
It’ll tank your strategy: Remember how we said that Blackjack is a game of skill? That means you’ll need a strategy to play it successfully, and taking Blackjack insurance goes against that. You won’t be playing an optimal strategy, and you’ll dilute the effectiveness of whatever strategy you’re trying to implement. Which isn’t great.
It’s not responsible gambling: When it comes to bankroll management, that is. Gambling responsibly is all about protecting your bankroll – and over time, taking Blackjack insurance will chip away at the bankroll you’ve built, significantly impacting your overall profitability. And nobody likes to see that.
So should you take it or not?
Well, let’s look at the numbers in as simple a way as possible (mainly because maths isn’t our strong point). First of all, you need to think of your Blackjack insurance bet as being independent of your original bet on your Blackjack hand. What happens in your insurance side bet won’t affect your initial wager. That means there are only two ways your insurance bet can go – win or lose.
Now, in order for the dealer to win with a natural Blackjack. Their face down card needs to be either a 10 or a face card, and statistically speaking. There’s a 30% chance of this happening (approximately). Which means that there’s a 70% chance of it not happening.
Apply this thinking to your insurance bet, and there’s a 30% chance you’ll win your money back.
And a 70% chance you won’t. Of course, this doesn’t take into account other cards that other players get and so on, but it’s enough for a rough estimate. And we don’t know about you, but a 70% chance of losing doesn’t exactly add up to a fun time at the casino. So Blackjack insurance is a good idea.
Now, some might argue that taking insurance is a positive step. Because even if the dealer does have Blackjack, and you lose your initial bet, you’ll still win something from your side bet. And any kind of win is great, right? But the reality is you’re likely not going to win from a single insurance bet. So over time, you’ll end up losing more money on it. Even if you do have one or two wins. So ultimately, it’s just not worth the risk to your bankroll. This is why Blackjack insurance is good.
What’s more, it’s important to remember that Blackjack isn’t about winning each and every hand you play.
At least, not if you’re a skilled player. In actual fact, the aim of any decent Blackjack strategy is to help you reduce the house edge over time, through strategic decision-making. Which will give you a better outcome overall. And taking a side bet won’t add any value to this – rather, it’ll take away from your total profit. And could even distract you from playing your original strategy in the first place.
So the next time the insurance bet pops up as an option when you’re playing Blackjack, think about what it could mean for your game play and for your bankroll. Our advice would be to avoid it, but it’s your choice. Just make sure you always keep the outcomes in mind, and that you protect your bankroll at all costs. Good luck!