Blackjack is one of the most popular casino table games. Although it is a game of chance, players can make informed decisions that can improve their chances of winning. A player can hit (ask for another card), stand, or double his bet during a hand. The game also offers a side bet called insurance that pays out when the dealer has an ace up. Other side bets are also available, such as Dealer Match and Matching Pairs.
A Blackjack dealer can also make a profit from the dealer’s side bets, which pay out according to the odds of the hand being a tie or a Blackjack. This bet is made by placing chips in front of the player and telling the dealer he wishes to take insurance. If the dealer has a Blackjack, this bet pays out at 1:1 instead of the standard 3-2 payout. This is sometimes referred to as Even Money.
When a player has a total of 21 in their first two cards, this is known as a “natural” or “blackjack.” This win immediately ends the game if the dealer does not have a blackjack as well. Otherwise, the dealer collects the bets of all other players who do not have a natural and returns their own. If the dealer has a natural, the game is considered a tie (or a “push”) and bets are returned to the player without adjustment.
During the game, the dealer deals two cards to each player and himself. Then the players decide to hit or stand according to predetermined rules. Once the decision is made, the dealer will reveal his own face-down card and the hand with the highest value wins the round.
The blackjack study found that confidence is a key factor in how well a person performs at blackjack. A person’s level of confidence can predict his or her performance, and this is independent of the actual amount of knowledge about the game. The results show that as knowledge increases, a person’s confidence level will increase too, but this relationship is less than linear. Therefore, it is important for policymakers to consider the ramifications of situations in which knowledge increases independently of confidence.
The research reported in this article was funded by the National Science Foundation, grants nos. 1035501 and 0838994. The studies involving human participants were reviewed and approved by Wake Forest’s Institutional Review Board. The raw data supporting the conclusions of this article will be made available to qualified researchers upon request. Wake Forest is committed to making its research freely accessible. Please visit our Open Access page for more information.