A lot of beginning blackjack players have heard of even money. But they may not be aware of what exactly it does, and how it can actually hurt profit potential.
Even money is only offered under one set of circumstances: you must have been dealt a natural blackjack and the dealer must have an Ace up card. Even money will then be offered. It can be thought of as a sort of “insurance” bet against the dealer also having a natural blackjack.
If you and the dealer both have natural blackjacks you have to push, and your original bet is returned to you. This is not winning but it is not losing either.
If you elect to take even money you will receive and immediate 1 to 1 payout. Then the dealer will reveal his hole card.
The only problem with even money is that it will actually hurt your profit potential by about 4%. This is because you have the highest ranking hand in blackjack and you are playing it safe by accepting even money and its 1 to 1 payout.
If you decline even money you are not risking anything because you will get your original bet back if the dealer has a natural blackjack. But if the dealer does not have a natural blackjack, has a smaller hand total and plays until he busts, you will win. And if you win, that is when you receive the 3 to 2 payout.
The majority of seasoned blackjack players will advise you to decline even money. You will stand a better chance at winning the 3 to 2 payout and you are not losing anything. A push is the worst case scenario here, and if that happens you will have your bet returned to you is all.
Take the risk and decline even money.