Side Bets, Insurance, and Even Money

Is it a good idea to do side bets (e.g. Perfect Pairs - Blackjack, Pot of Gold - Free Bet Blackjack) ever? Is it a good idea to ever take insurance or even money during the course of play? I'm asking this based on using Perfect Basic Strategy throughout the course of play.

Quote: ryanp

Is it a good idea to do side bets (e.g. Perfect Pairs - Blackjack, Pot of Gold - Free Bet Blackjack) ever? Is it a good idea to ever take insurance or even money during the course of play? I'm asking this based on using Perfect Basic Strategy throughout the course of play.

Only one that's worked for me IRL is the wheel spin of various structures they have on some BJ tables (e.g. Kustom Kount motorcycle prize, but every spin is at least $50 on a $5 flat bet). The bet depends on getting at least one Ace dealt (even money) and getting a BJ gets you a spin. If you side-count the Aces in the shoe, there is a +EV point sometimes.

I say that as a seldom-BJ player. There are others, and people who know lots more than I do, but that's one example.

No, as a basic strategist you should avoid all side bets, including insurance.

One caveat would be to always take even money if it is offered at a 6-5 table. Note the only place I have seen this is on a cruise ship. But, other than that, all side bets and insurance will carry a higher (sometimes obscenely higher) house edge than the base game.

I have heard the some side bets (and insurance) can favor the player in certain counts, but I'm not a counter.

Sounds like good advice to me. Thanks.

Sounds like good advice to me. Thanks.

The don’t call them “Sucker Bets” for nothing.

Of course, if you’re counting cards, the count may OCCASIONALLY suggest you make those bets...

That's very true. Whenever I play Blackjack and don't play the side bets, I usually get grief from either the dealer or one or more of the players. The dealer wants you to play the side bets so that the casino can make more money from you. The players want you to play because they think that you will make up for your losses on your regular bets. The house edge on side bets are much, much higher than the regular bets. I think it is 10.6% for Perfect Pairs. In the end, you actually lose way, way more!

Quote: Joeman

One caveat would be to always take even money if it is offered at a 6-5 table. Note the only place I have seen this is on a cruise ship. But, other than that, all side bets and insurance will carry a higher (sometimes obscenely higher) house edge than the base game..

By my calculation taking even money would reduce house edge by about 6 basis points, which is a very small dent in the 6-5 edge. Bottom line is you still shouldn’t play that 6-5 game even if they pay even money insurance. My guess is that the cruise ship didn’t mean to give this little break to the players...they just don’t understand the reason and ramifications of even money. I even read of casinos that have had 2-1 and 3-1 promotions, not realizing the ramifications until they saw how quickly they began losing big $$.

Incidentally, taking even money in a 3:2 game increases house edge by about 1 bip. In my opinion, this is one of those cases where it’s alright to go with your gut even though that may not be the highest expected return. I take even money sometimes (on 3/2, I would not be seen at a 6/5 table). It’s sort of like playing the pass line when when don’t pass has a higher expected return or standing on a hard 16 vs dealer 10. Once you get under a 5 basis point difference it’s splitting hairs. It would probably take a few lifetimes of playing for those few bips to make any discernible difference.

I always take even money because 1) it's rare 2) it's inexpensive and 3) zero variance

Quote: ryanp

That's very true. Whenever I play Blackjack and don't play the side bets, I usually get grief from either the dealer or one or more of the players. The dealer wants you to play the side bets so that the casino can make more money from you. The players want you to play because they think that you will make up for your losses on your regular bets. The house edge on side bets are much, much higher than the regular bets. I think it is 10.6% for Perfect Pairs. In the end, you actually lose way, way more!

Gamble around or at my tables and Ill have anyone betting the side bets. At sands bethlehem, its the matter of staying afloat or getting the opportunity to accel past your opponents at one point. The side bets are on or off, as in you either win a side bet or the actual hand. On occasion you win both. I stay persistent and it usually pays off big. We had a regular at our table the other day, although I've never seen him the dealer knew him by name. I asked if he normally bet side bets and he said never. After a few rounds he decided to pay up. Kings Bounty - his first ever side bet he hit a suited 20 with a $25 piece on the bet and i think it was 9-1 odds. Very very very lucky IMO. Or a very good card counter who knows. The only reason he bet the side bet was because I usually and periodically get the side bets, and when I hit a big one or in my opinion a big one I leave up more than if i were betting for blackjack.

EDIT

Heres another example which happened to me yesterday. FREEBET blackjack. Me and another guy are on the same level as of this point. We bet minimum - as of this point its 20 dollars. 15 goes toward the regular blackjack bet and 5 toward the freebet side bet. We must have hit 22 every other hand and kept winning and losing the blackjack bets on and off. But the chinese lady who was also sitting at our table NEVER bet the 22 freebet bet. wouldnt you know a 50-1 comes out and I run for the day up 300 in about 2 hours. This lady missed out on so much money and she pushed every other hand that she had. Im pretty sure she ended up losing. Betting the side bet was the only viable option to make profit at this table at the moment and she never took it. We had at least 5 to 8 different push 22's within the same shoe.

Heatmap - thanks for all of the valuable info. and taking the time to respond to my question(s).

I'm not aware of any side bet that is a positive value without a side count, so for the average player they should be avoided.
It's pretty simple. Putting more money out in negative.situations results in losing more money quicker. Putting less money out under the same circumstances results in losing less money .