Blackjack Bets

It's possible to win Blackjack in a few different ways. If there is total 21 of your first two cards, you have Blackjack and win 3:2 odds (A $5.00 wager pays 7.5 additional dollars) on your bet straight away, unless the dealer draws Blackjack as well causing a tie or a "Push."

In the case of a tie, no money is won or lost. You win if your hand is closer to 21 than the dealer's hand. This type of win pays "Even Money" meaning that you win the same amount of money that you wagered. A $10.00 wager wins 10 additional dollars. Finally, if the dealer "Busts" or has a hand that exceeds 21 and your hand is less than 21, you win!

Double Down 
A double down allows you to double your bet while you still only have two cards in your hand. You are required to take one more card once you double down and cannot receive any additional cards after this. A hand that initially adds up to 10 or 11 is often the hand to double down on. Because of the fact that the ten card is the most frequently occurring card in the game of blackjack. Remember that the 10, Jack, Queen and King all have the value of ten multiplied by all suits. Because of this, there is a high chance that the third card that you receive will have a value of 10 bringing your hands value to 20 or 21. Pretty smart.

Splits
Another way to double your is by using a split. If your original cards are of the same value (Ex. 7 and 7 or 9 and 9), you can split these two cards into separate hands creating two hands and a second bet equal to your original bet. You now are playing two hands separately and increasing their values by hitting each hand until you are ready to "Stand." The payout for winning on a split is always 1:1 or even money even if you have Blackjack. This is due to the fact that you did not get Blackjack using your original two cards.

Insurance
Insurance bets are not recommended for the basic player, as the odds of winning with this type of bet are low. Insurance bets can be made if the dealer's face card is an ace. The dealer might have blackjack meaning that you automatically lose unless you also have blackjack, forcing a "Push."
Buying insurance means that you are protecting yourself in case the dealer has blackjack. A $20.00 bet would cost you an additional $10.00 in insurance as insurance normally costs half of your original bet. If the dealer does not have blackjack on his turn, you lose your insurance wager and the hand continues to be played normally. If the dealer does have blackjack, you lose your original wager but win twice the amount of your insurance. In essence, you break even as insurance pays 2:1 odds. Again, insurance protects you from losing money in case the dealer has blackjack.