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What does "insurance pays 2 to 1" in blackjack really mean?

Say, if I place 50 dollars on insurance, and I win the insurance, do I get back 100 dollars? Or do I get back 150 dollars (100 winning + 50 of my bet) ? Also, can someone explain to me how this "breaks even"?

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  • neffer
    Lv 4
    1 decade ago
    Favorite Answer

    Here's how I explain it to my players...

    When the dealer shows an Ace, you have the option to insure your bet against my Blackjack. To do that you'd place chips up to half the amount of your bet on the insurance line. If I do have Blackjack you lose your original wager and your insurance bet pays 2:1. If I don't have Blackjack you lose your insurance bet and you have to play out your hand like normal.

    As for breaking even, it only happens when the dealer HAS Blackjack AND you insured your bet for half: bet $25 insured for $12.50(half) is a break even bet, you've wagered $37.50 total and you're putting YOUR $37.50 back in your stack. Bet $25(less than half) insured for $10 has you down $5 because you have wagered $35 total and are only putting $30 of YOUR money back in your stack, you have lost $5 to the house. Technically you are just getting to keep your money, the house has given you nothing. If the dealer doesn't have Blackjack even if you win your hand you're still down half your bet: bet $25 insured for $12.50, the house takes YOUR $12.50 then uses that plus $12.50 of the house money to pay your winning $25 bet.

    Insurance is a house bet. I wouldn't recommend taking it. Statistically the odds of being dealt a Blackjack are 4.8% so you'll lose money in the long run taking insurance.

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  • Anonymous
    1 decade ago

    Okay, you are playing blackjack and you are playing $50 per hand. The dealer shows and "Ace" and call "insurance is open". You can insure your hand for up to 1/2 of your original stake amount. So for this example, you could only bet up to $25. If the dealer does indeed have a blackjack, then you would lose the $50 wager and 'win' on the insurance wager of $25 paying you $50. That is how you break even.

    On another related note, you will sometimes here people say "even money" when they have a blackjack and the dealer is showing an "Ace". The player then gets paid 1 to 1 on their blackjack instead of the traditional 1.5 to 1. Few people know that this is the exact same thing as insurance! If you have a wager of $50 and you get a blackjack and the dealer has an "Ace" showing, you can take insurance for $25, if the dealer has a blackjack then your original wager of $50 would 'push' and you would win $50 from your insurance bet. Conversely, if the dealer does not have blackjack then you would lose the $25 insurance bet, but win your $50 blackjack at 1.5 to 1. Both would net you $50 profit, same as 'even money'. You can start a huge argument over this, try it ...it's fun.

    Insurance is a sucker bet, you will be further ahead if you never take it! Good luck. You will find free blackjack tips at http://GamblingReviewsSite.com/Free-Blackjack-Tips

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  • Anonymous
    3 years ago

    1

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  • 1 decade ago

    Insurance can be a decent option on occasion, but the price has to be right, and you have to feel as if your hand will win.

    Insurance can be bought for less than half of your bet, so, if you have a $50 bet, You can pay $10 for insurance, if the dealer does in fact have blackjack, you'd win 20 and lose your $50 bet.

    Even money is the same option as taking insurance, but there's a difference. If you take even money, you're guaranteed a win. If you waive the right to even money and the dealer has blackjack, it's only a push and you win nothing. Nothign worse than having blackjack and not winning anything for it.

    Insurance most of the time is a sucker bet....but with that being said, if you watch the cards enough, you can sometimes get a feel that it's a good option. Remember, if you buy insurance, if the dealer has blackjack, you break even. If the dealer doesn't have blackjack, then you still play your hand, and if you win, you come out ahead still.

    If I'm at a full table, and I see a bunch of non face cards out, and the dealer shows an ace, I might think about insurance....with no one holding a face card, the odds are that someone will be holding a 10.

    Overall though, don't buy insurance.

    Source(s): Lived in Vegas
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  • sedlay
    Lv 4
    4 years ago

    Blackjack Insurance

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  • 1 decade ago

    It says so since the regular pay off is the same amount you bet, however in these tables you can get a one time and half pay when you win having a blackjack (picture and ace) and you can win twice your bet when you play insurance (that is only possible when the house has an ace as face card). If you lose your regular bet because the house indeed had blackjack and you bet the insurance, the payoff for your winning bet will break you even becasue the house only allowed you to bet half of the original. eg.: you bet 2 chips when hand starts and house shows an ace, you bet 1 chip for insurance and 2nd house card was a picture: you lost your 2 chips but you get paid the double on insurance, bringing up your loss back to you.

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    4 years ago

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    What Does Insure Mean

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