Perfect Pairs is a popular side bet in blackjack that allows players to wager on the likelihood of being dealt a pair as their first two cards. The objective is to predict that the initial two cards will form a pair, which can lead to various payouts depending on the specifics of the pair. There are distinctions between different types of pairs; for example, a Perfect Pair consists of two identical cards of the same rank and suit, while Colored Pairs and Mixed Pairs involve pairs of the same rank but differ in suit.