Blackjack Bets and Odds
Once you have a basic understanding of blackjack, there are a few extra bets you can make to help increase the odds in your favor. But remember; these extra blackjack bets require care. If misused, they can end up costing you more money than normal blackjack play.
The odds for each bet can be analyzed to a point but there’s no way to tell you the overall house advantage without knowing your exact strategy. Players who play by the seat of their pants usually experience a house edge of about 3-10%. With the optimal blackjack strategy, you can reduce the house advantage to less than 1%.
Types of Blackjack Bets
Double Down
This bet allows you to double your bet after seeing your first two cards. The catch is that you must receive exactly one more card from the dealer.
According to basic blackjack strategy, the best times to double down are when you have a hand total of 11 and the dealer has anything else but an 11. You can also double down when you have a total of 10 and the dealer has a 2-9. Finally, you may double with a hand total of 9 when the dealer has 3-6.
Splitting
Any time you receive a pair, you have the option to split those cards into two separate hands. You then place an additional wager and play each hand as a completely independent hand.
The best hand to split is a pair of Aces. Aces are good at making 21 because nearly a third of the remaining cards are worth 10 points. A good saying to keep in mind is as follows: “Never splits 5 and 10s but always split Aces and 8s.”
Late Surrender
If you don’t like your first two cards, you may surrender by giving up half your bet and quitting the hand. Late surrender only allows you to surrender after the dealer checks for blackjack.
Early Surrender
Early surrender is more advantageous to the player. The concept is the same except with this form of surrender, you may quit the hand before the dealer checks for blackjack.
The best time to surrender is when you have a total of 16 and the dealer is showing a 10. The odds of you winning that hand are so low that you’ll do better off in the long run by giving up half your money and moving on.
Blackjack Side Bets
Insurance
Insurance is a bad bet with a high house advantage. Any time the dealer has an Ace showing for his up card, you have the option to “take insurance.” If you choose to take insurance, you’ll then place a bet equal to half your original wager. The dealer will then checks his hidden card to see if it has a value of 10 (giving the dealer a blackjack). If the dealer does indeed have a blackjack, you will be paid 2:1 on your insurance bet and still lose your original bet. The net effect is you break even on the hand.
The problem with insurance is that it only pays 2:1 on your money. The odds of the dealer actually having a blackjack are lower than that. Over time, this will cause you to lose money with the insurance bet.
Even Money
This is another bad bet that will hurt your profits over time. Even money is a side bet that’s offered when you are dealt a blackjack and the dealer has an Ace showing. By taking the even money bet, you can get paid 1:1 immediately without the dealer checking for a blackjack. It turns your bet into a sure thing at the cost of a lower payout.