Players should understand the difference between "soft" and "hard" hands in blackjack to make informed strategic decisions. A "soft" hand includes an Ace counted as 11, providing more flexibility since the Ace can switch to a value of 1 without busting. A "hard" hand lacks this flexibility or has the Ace counted as 1. Knowing how to adjust strategies based on the hand type, such as when to hit or stand, can significantly influence winning odds and reduce risk.