Since insuring your blackjack yields a $20 profit whether the dealer has a blackjack or not, the casino offers players even money right up front. The bottom line with even money is this: If you always take it, in the long run you'll be giving away approximately four percent of your average profits on the hand.
Even Money In Blackjack - Taking Even Money With A Blackjack. There is a betting option available to blackjack players known as even money. The process is simple. If the player is dealt a natural blackjack, as in their first two cards are summed to equal 21, and the dealers exposed card is an ace, the even-money bet is a form of insurance policy.
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Even money comes into play when you have a blackjack hand and the dealer’s upcard is an ace. When this occurs, the dealer will ask you if you want “even money.”. If you say “yes” she will immediately pay you even money on your wager, before she peeks at her hole card, and then place your cards in the discard tray.
Even money bet in blackjack is an option that becomes available in the following scenario: Your first two cards are worth 21 points. In other words, you get an Ace and a 10. The upside card of the dealer is also an Ace. In other words, there is a possibility that the dealer may also have 21 if...
The answer is: NEVER TAKE THE EVEN MONEY ON YOUR BLACKJACK. Here’s why: When the dealer has an Ace showing, you’re going to PUSH approximately 30.74% of the time. Also consider that you will have a blackjack approximately 6.4% of the time when the dealer shows an Ace. Without taking the even money, you’ll get the 3 to 2 payout 69.26% of the time.
With 96 cards with a value of ten (tens through kings), there is a 30.7 percent chance that the dealer has one of them to make a blackjack. So, that’s a 30.7% chance your hand will be a push. Far better, you might think, to ask for even money and guarantee your profit. Wrong.
So basically, even money is just an insurance bet that you can only make when you have a blackjack. When you take even money, though, you lose your opportunity to get the 3:2 payoff. You don’t have to put up the additional bet, because the casino has just subtracted that $50 from your payoff for your hand.
Blackjack players are offered insurance whenever the dealer’s exposed card is an Ace. This is an optional proposition wager which is treated separately from your original bet. When you buy insurance, you are practically betting your dealer has a ten-value card in the hole next to their Ace for a blackjack.