Although the concept and maths are simple, what a lot of recreational Blackjack players do not realise that by taking Even Money it is identical to making an Insurance bet.
If the dealer has an Ace, a players has the option to making an Insurance bet. This type of wager wins when a dealer makes blackjack, and loses on a non-picture card. Most players understand this wager is not really a good one, when the house edge is about 8%.
If a player has Blackjack and the dealer has an Ace, players have an option to take Even Money for their hand, this is instead of 3:2 if the dealer doesn't get blackjack or is pushing if the dealer gets blackjack.
The two bets are identical. By taking Even Money it is like making an Insurance bet on a blackjack hand.
Assuming a player places an Insurance bet on a $100 blackjack hand. The player would place $50 on the Insurance line and if the dealer does not get blackjack - the dealer will take the $50 and then pay $150 for the players blackjack hand, which is a net profit of $100 for the player. If the dealer gets blackjack, the player will receive nothing for the blackjack hand, but will get paid $100 profit for the Insurance bet. Taking Even Money, the player gets $100 for the blackjack hand.
As you see above, Even Money or Insurance, the player ends up with a $100 profit regardless of what happens. Most blackjack players know that this is not a good wager, they know that players end up with more over the long run if they never take the Insure or take Even Money option.
Over the long haul, the Dealer won't make blackjack often enough to make either bet a good bet.
