Just finished playing the Beau Rivage Blackjack Squadron tourney. Don't ask how I did. Anyway, I enjoyed the atmosphere and the event. One question.. they have a rule that forbids taking even money if you don't have the funds to match the bet. I don't fully understand this rule and was hoping someone could explain it to me. I believe even money is an insurance play so if you don't have the money for insurance you can't take it. But I can't exactly figure out how taking insurance on a blackjack results in even money. I ran this by several dealers and they couldn't figure out the rule either. One even claimed even money had nothing to do with insurance at all.
Even Money = Insuring Blackjack "Even Money" and insuring a blackjack are one and the same. Let's say you bet $10 and get a blackjack against a dealer Ace. If you insure, there are two possible outcomes: If the dealer has blackjack, your $10 bet pushes, and your $5 insurance bets wins $10. Net profit = $10. If the dealer does not have blackjack, you lose the $5 insurance bet, and win $15 on your $10 blackjack bet. Net profit = $10. Notice the outcome is the same regardless of whether the dealer has blackjack or not, so casinos allow you the shortcut of asking for even money. ------------------------- Another insuring blackjack at the Beau Rivage story: Yesterday I brought play at my table to a standstill when I wanted to insure a blackjack for less. I didn't want "even money", and my dealer wasn't sure I was allowed to insure a blackjack instead (for less than full insurance). After two different pit critters were called over, they let me make the bet. After all that effort, I actually insured for the wrong amount... I was exactly $4000 behind the leader, and I took $2000 of insurance. I should have taken $2500 in insurance to take the lead if the dealer had blackjack, if the leader playing behind me also insured. As it was, if the leader insured behind me and the dealer had blackjack, we would have been tied. Neither happened anyway, so it didn't matter. I won the table that round, but failed to advance from round 2 today.
even money vs. insurance I have never played blackjack other than Indian casino's, Las Vegas and Reno so the rules may vary concerning the possibility of requesting even money vs. insurance in casino's I am not familiar with. justlsuteddy stated he could not take even money with his BJ because he did not have the funds to match his bet so apparently this casino does not allow the "shortcut" of requesting even money. Evidently the rules at Beau Rivage do not recoginize an even money BJ request and require an insurance bet. Although I rarely take even money with a BJ, shame on them, 6:5 BJ's and now this. Keno or Slap Jack may be the future.
Thanks for the posts. It's much clearer now. I didn't actually run into the situation but the tournament director made the rule announcement every round with the explanation "we'll cross that bridge when we get there." Regarding the tournament, a guy at my table bet big every hand and gained a big lead over everyone at the table. On the final hand a minimum bet by him would have locked everyone out even if everyone doubled their max bets. I guess he failed to recognize this because he bet big again, then DOUBLED IT then lost both bets to lose the table. He was one of those people that think its a poker match and wear dark glasses to the table. Guess he should have taken them off so he could count everyones chips. My re-buy round, I needed three max bets to win the table on the last hand (it was a rough game) and the experienced lady in BR1 spot seemed confident she was going to win until I got a 4/4 agaist a 3. I split, then doubled one hand, then stood on the third. A dealer bust makes me the winner. The dealer drew to 20. Oh well. When getting up from the table several people said "you're supposed to double that not split". Yeah ok. Count the chips people!
even money I've discussed this prior to the start of a tournament. It seems to me, if you don't have the money in the tournament in tournament chips, you can't get even money. You didn't have the money to pay up. regular play, if the dealer is offering it, he she is assuming, you can reach into your purse or wallet to produce the wager. The other problem with even money, is that is't not even money, which is why you don't take insurance when playing normally. A 2 unit bet at regular bj pays 3-2, giving you a one unit gain. If you insure that 2 unit bet with another 1 unit and the dealer has bj, then you push your 2 unit and win 2 to 1 on your one unit, giving you 2 units, but you bet three units to get the two. If the dealer doesn't have bj. You win your bj at 3-2 and lose your additional one unit, giving you even money of 3 for 3 bet.
Its 3 TO 2, not 3 FOR 2 A blackjack with a 2 unit bet up in regular bj pays at odds of 3 to 2 which by definition is a 3 unit gain. Remember, you get to keep your original bet when you win. You drag back 5 units; subtract your original bet of 2 units and you have a 3 unit gain. “Even money” refers to the original bet. If you take it, the dealer pays you an equal amount. Insurance is a separate bet. ("Pick a card, pick a card. If it's a ten, I'll pay you double.") The reason you don't take insurance playing basic strategy is that for a non-counter the house edge is over 7%
Seven % House Edge I've read that the initial house edge is 8% (not arguing with your 7% figure). However, there are certain player advantages (even for a non-counting) basic strategy player which reduces that house edge. Example: BJ 3:2 (+2.25%), Proper hitting/standing (+3.25%),Proper doubling down (+1.5%),etc. So the basic strategy player's disadvantage depends on how well he/she uses his/her options. Or just playing the best way he/she knows how.
I'll take it everytime In tournament play I'll take even money (almost) everytime and hope they have it to swing the table. It really depends on what I have bet and what the other players have bet as well. I look at it this way, we are only playing a limited number of hands so every win will only help you.
Don't Jump If TXtourplayer jumps off a bridge will you follow him.Taking insurance or not taking insurance in a tournament should be soley based upon your chip position and bankroll.If you have a blackjack and do not take insurance along with the other players you will swing them anyway as your Blackjack will push while the rest of the players will lose their bets.If you were to take insurance (most) of the time as Rick says and the dealer does not have blackjack the other player now have a shot of having the same results as you as now you have lost your insurance bet and will only have a even money return on your bet as do the other player if they win there bets.So taking or not taking insurance in a tournament should be an independent decesion based upon bankrolls and position.If Rick wants to jump off a bridge you are not obligated to follow him off the bridge. :laugh:
