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Thread: About insurance...

  1. #1


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    Question About insurance...

    Hi there! If you guys could help me here, just to make sure I understand insurance right:


    Say my initial bet is $10 and the count is high, the dealer has an ace showing. Before anything else, he offers insurance to all players and I take this option for $5. Then:

    - Case 1: The dealer has blackjack and I don't so I break even on the hand [($5 x 2) - $10] = $0

    - Case 2: Both the dealer and I have blackjacks so we push on the hand but I win $10 thanks to my insurance bet. +$10

    - Case 3: The dealer doesn't have blackjack so I lose my $5 insurance bet and we continue to play the hand. -$5 + ?


    Am I missing something?

  2. #2


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    Quote Originally Posted by RoadJack View Post
    Hi there! If you guys could help me here, just to make sure I understand insurance right:


    Say my initial bet is $10 and the count is high, the dealer has an ace showing. Before anything else, he offers insurance to all players and I take this option for $5. Then:

    - Case 1: The dealer has blackjack and I don't so I break even on the hand [($5 x 2) - $10] = $0

    - Case 2: Both the dealer and I have blackjacks so we push on the hand but I win $10 thanks to my insurance bet. +$10

    - Case 3: The dealer doesn't have blackjack so I lose my $5 insurance bet and we continue to play the hand. -$5 + ?


    Am I missing something?
    Yes, case 2. Most places won’t allow you to insure player blackjack against dealer ace. If they did, assuming you optimize, you would take even money and then win your insurance bet.

  3. #3


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    Quote Originally Posted by RoadJack View Post
    Am I missing something?
    Just the fourth case: the dealer doesn't have blackjack and you do: you lose your insurance bet (-$5) but you win at 3:2 for your blackjack (+$15). Net +$10. Hence, "even money."

    Don

  4. #4


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    Quote Originally Posted by Freightman View Post
    Yes, case 2. Most places won’t allow you to insure player blackjack against dealer ace. If they did, assuming you optimize, you would take even money and then win your insurance bet.
    You need to rethink what you wrote, above. It makes NO SENSE whatsoever.

    Don

  5. #5


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    Quote Originally Posted by DSchles View Post
    Just the fourth case: the dealer doesn't have blackjack and you do: you lose your insurance bet (-$5) but you win at 3:2 for your blackjack (+$15). Net +$10. Hence, "even money."

    Don

    Of Course!

    Thank you, Don.

  6. #6


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    Quote Originally Posted by DSchles View Post
    You need to rethink what you wrote, above. It makes NO SENSE whatsoever.

    Don
    He understands case 1
    he sorta understands case 3. Dealer continues to play only if player doesn’t bust - assumes heads up

    Now, Case 2. Most Stores won’t allow you to insure a player blackjack. If they did, your highest EV play (assuming insurance is justified) would be take even money on your blackjack ($10), and win your insurance bet for another $10 for $20 win, or lose your insurance bet after taking insurance ($5 win), or taking no insurance winning either $15 or nothing.

    What makes no sense?

  7. #7


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    You either take even money or place an insurance bet. They won't let you do both.

    On a related note, there used to be a side bet at GN in Vegas where if your first card was an ace, the dealer would ask you if you wanted to place a side bet that you'd get BJ. So, you play it at or above the INS index. Needless to say, it didn't last long.

  8. #8


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    Quote Originally Posted by Freightman View Post
    He understands case 1
    he sorta understands case 3. Dealer continues to play only if player doesn’t bust - assumes heads up

    Now, Case 2. Most Stores won’t allow you to insure a player blackjack. If they did, your highest EV play (assuming insurance is justified) would be take even money on your blackjack ($10), and win your insurance bet for another $10 for $20 win, or lose your insurance bet after taking insurance ($5 win), or taking no insurance winning either $15 or nothing.

    What makes no sense?

    You simply are having a senior moment with this. Did you ever play in A.C.? They wouldn't let you take even money on your naturals. You HAD to put up the insurance bet. It was absurd, but it was the law. In most other venues, taking even money is simply a replacement for making that actual insurance bet, since the outcome is, inevitably, the same thing. You can't ever do both.

    You're just confused about the nomenclature.

    Don

  9. #9


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    Quote Originally Posted by DSchles View Post
    You simply are having a senior moment with this. Did you ever play in A.C.? They wouldn't let you take even money on your naturals. You HAD to put up the insurance bet. It was absurd, but it was the law. In most other venues, taking even money is simply a replacement for making that actual insurance bet, since the outcome is, inevitably, the same thing. You can't ever do both.

    You're just confused about the nomenclature.

    Don
    Don
    Tis you with the senior moment. Note the qualifiers of “Most stores won’t allow you” and ‘if they did”.

    not to worry - you’re entitled

    Oh, never played AC.

  10. #10


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    Quote Originally Posted by Freightman View Post
    Don
    Tis you with the senior moment. Note the qualifiers of “Most stores won’t allow you” and ‘if they did”.

    not to worry - you’re entitled

    Oh, never played AC.
    You're a great deal more stubborn than I thought: I'll try one last time: IF THEY DID, they you're done! You do the one, and then you can't do the other. Why do you want to pursue this? Nowhere on the face of the earth can you insure AND take even money. Let it go!

    Don

  11. #11


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    You're a great deal more stubborn than I thought:
    2 comments
    1. I answered as a hypothetical, ergo, the back and forth is moot.
    2. Regarding your quote above - you’re just noticing that?

  12. #12


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    The purpose of "even money" is to speed up the process instead of the actual act of betting insurance when you have a blackjack vs an ace up. Saves time and gets more hands per hour dealt.

  13. #13


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    Quote Originally Posted by ShipTheCookies View Post
    The purpose of "even money" is to speed up the process instead of the actual act of betting insurance when you have a blackjack vs an ace up. Saves time and gets more hands per hour dealt.
    What is that? 1:1 is -2.27. Even vs ace up, obviously less, but still costly. Still, might be worthwhile against a fast accurate dealer heads up. Against a poor to average dealer-don’t think so.

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