What are some good money management strategies for blackjack players?

[Ganardo]

Taking insurance in blackjack comes with both potential pros and cons that players should carefully consider:

Pros of Taking Insurance:
1. Gets 2:1 payout if dealer has a natural blackjack, recouping your original bet amount.
2. Provides a way to minimize losses when holding a good starting hand like blackjack or 20.
3. Proper basic strategy says to take insurance when holding a natural blackjack yourself.
4. May make mathematical sense with specific hand combinations and rules.
5.Insurance can make sense with soft hands like A7 against dealer's Ace, reducing potential losses.
6.It provides a way to still win something if the dealer gets blackjack with your good hand.
7.If playing perfectly otherwise, insurance can be a +EV side bet in some rule sets.
8. It gives players another decision point to attempt to gain an edge through strategy deviations.
9.Risk mitigation: The primary advantage of taking insurance is that it can protect your main bet if the dealer has a blackjack.
10.Strategic depth: Some players enjoy the added level of strategic depth that insurance brings to the game.
11.Excitement: For some players, placing an insurance bet adds an extra element of excitement to the game.

Cons of Taking Insurance:
1. The house has a significant edge of around 7% on the insurance bet itself.
2. You are still loss if the dealer does not have blackjack after taking insurance.
3. Taking it when not holding blackjack yourself is usually a mathematically losing play.
4. Having to pay the insurance premium reduces your original bet amount.
5. Insurance is seen by many as a sucker bet that benefits the casino more.
6.Insurance does not pay out anything extra if the dealer doesn't have blackjack.
7. Even basic strategy only recommends it about 7.5% of the time when player has blackjack.
8.Frequent insurance betting depletes the bankroll faster with repetitive -7% house edges.
9.Dealers are instructed to look for players taking insurance to identify skilled players.
10.It tempts players to take it in spots not justified by proper basic strategy.
11.House edge: The main drawback of taking insurance is that it generally has a higher house edge than the main game.
12.Reduced winnings: If you consistently take insurance, you may find that your overall winnings are reduced.
13.Complicating gameplay: For some players, insurance can complicate the gameplay and detract from the overall enjoyment of the game.

Ultimately, while an option, the cons often outweigh the pros for most casual players. Insurance introduces another -EV side bet that only figures into advantage play at high levels. For recreational players sticking to perfect basic strategy, insurance is rarely the right mathematical play except when dealt a natural blackjack themselves. Proper hand calculation is crucial to determine if deviating to take it is advisable in certain situations.

Overall, while insurance can protect your bet if the dealer has blackjack, the odds heavily favor the house on this side bet. Basic strategy only recommends taking it when dealt a natural yourself. For most hands, insurance should be avoided as it increases the house edge. Proper hand calculations are required to determine if taking it is +EV or not.

 

[CR7]

Thank you for providing a comprehensive list of the pros and cons of taking insurance in blackjack. Your detailed analysis offers valuable insights to help players make more informed decisions at the blackjack table. Let's delve deeper into the various points you've highlighted:

**Pros of Taking Insurance:**
1. The potential 2:1 payout when the dealer has a natural blackjack can be enticing for players looking to recoup their initial bet.
2. Insurance can act as a safety net to mitigate losses when holding strong player hands like a blackjack or 20.
3. Following proper basic strategy guidelines, taking insurance with a natural blackjack can be a sound decision.
4. In specific scenarios, such as holding certain hand combinations under certain rules, taking insurance may make mathematical sense.
5. Soft hands like A7 against the dealer's Ace can benefit from insurance to reduce potential losses.
6. It provides a consolation prize if the dealer gets blackjack, allowing players with strong hands to salvage something.
7. In certain rule sets, taking insurance can be a +EV side bet if other gameplay is optimal.
8. Offers an additional strategic decision point for players looking to gain an edge through deviations.
9. Acts as a form of risk mitigation, protecting the main bet if the dealer scores a blackjack.
10. Adds a layer of strategic depth to the game for players who enjoy the challenge.
11. Contributes to the excitement of the game by introducing an element of anticipation.

**Cons of Taking Insurance:**
1. The house holds a significant edge of approximately 7% on the insurance bet, making it unfavorable for players in the long run.
2. Not receiving a payout on the insurance bet if the dealer does not have blackjack can result in a loss of the premium paid.
3. Take insurance when not holding a blackjack yourself often results in a mathematically disadvantageous move.
4. The reduction of the initial bet amount due to paying the insurance premium can impact potential winnings.
5. Many players view insurance as a disadvantageous bet that primarily benefits the casino.
6. Insurance does not provide additional payouts if the dealer fails to score a blackjack.
7. Basic strategy recommends taking insurance only about 7.5% of the time when players have a blackjack, indicating its infrequent optimal use.
8. Frequent insurance betting can deplete the player's bankroll faster due to the repetitive -7% house edge.
9. Dealers may view players taking insurance as skilled, potentially drawing unwanted attention.
10. The temptation to take insurance in unjustified situations can lead to suboptimal gameplay decisions.
11. With a higher house edge compared to the main game, insurance can reduce overall winnings for consistent bettors.
12. Players who regularly take insurance may experience reduced winnings over time.
13. Insurance can complicate gameplay for some players, detracting from their enjoyment of the game.

In conclusion, while insurance offers a chance to protect bets against the dealer's potential blackjack, the inherent house edge makes it a less appealing option for casual players. For recreational players adhering to proper basic strategy, taking insurance is seldom the optimal choice except when holding a natural blackjack themselves. Evaluating specific hand scenarios is vital in determining the profitability of taking insurance. Ultimately, players should consider the pros and cons outlined here to make informed decisions that align with their gameplay objectives and risk tolerance in blackjack.

 

[James108]

Set a budget for yourself and stick to it. This should be a sum of money you feel comfortable with losing. Properly controlling your bankroll will allow you to ride out a series of losing hands.

 

[swift]

I think Don't chase losses. Stick to your strategy and don't increase your bets when you're on a losing streak.
Know when to walk away. If you've hit your budget or have been playing for an extended period, it's important to know when to call it a day.

 

[Lazza]

Sustaining a winning streak, weathering losses, and extending the gaming experience all depend on efficient bankroll management. It entails establishing precise win objectives and loss caps and updating them daily.