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In the course of a game of blackjack, the situation can sometimes arise where the dealer’s first, or up card is an ace. In that situation, the dealer will offer the players the chance to take an insurance bet. The insurance bet is a side bet that can be up to half the player’s original bet in value.

The insurance bet is provided in order to cover the player against the dealer dealing himself blackjack. If this happens, then while players who have taken the insurance bet will lose their initial bet, they are paid out at double odds on the insurance bet, which of course covers their losses.

There is a sting in the tail in that if the dealer does not have blackjack, the money a player will have wagered on the insurance bet is lost. To add insult to injury, if the player’s hand does not beat the dealer’s the initial bet is also lost.