Texas Hold 'em insurance?!!!

[Thunder]

I just went to the weirdest poker game the other night. They actually had insurance for playing NL texas hold 'em where if someone is all in and you're ahead of them as of the turn (they make you both flip over your cards) they offer you insurance based on how many outs they have so you can protect yourself from a bad beat. The only thing was, their insurance was worse than BJ insurance. It's almost as if it was like getting blackjack insurance that paid 1.5-1 instead of 2-1

 

[NightStalker]

For obvious reason

House can never give you better odds.
You are losing EV, but lowering your variance. It's a trade-off..

There are many players who are willing to offer insurance, so why not house

 

[fubster]

yeah, this started taking off when people on the show high stakes poker started doing it. it's generally not offered by the house, it's offered by another player. house offering insurance is super shady.

 

[ChefJJ]

house offering insurance is super shady.

hmm...how come? Seems like the house has less information on what cards have been dealt (i.e. what could be left in the deck) than another player. Maybe I'm looking at it the wrong way

good luck:joker:

 

[Blue Efficacy]

hmm...how come? Seems like the house has less information on what cards have been dealt (i.e. what could be left in the deck) than another player. Maybe I'm looking at it the wrong way

good luck:joker:

Yeah, why is the house offering insurance shady? They're just looking to get in the action, and generate revenue besides the rake. If you want to reduce your risk take it, if not, don't. It's certainly -EV but that's beside the point.

 

[Sucker]

yeah, this started taking off when people on the show high stakes poker started doing it. it's generally not offered by the house, it's offered by another player. house offering insurance is super shady.

This has been going on ever since gambling was invented. A very well-known gambler - whos' initials are MS; has made millions of dollars doing precisely this, both as a railbird AND as a player taking advantage of another railbird's erroneous handicapping.

 

[fubster]

Yeah, why is the house offering insurance shady? They're just looking to get in the action, and generate revenue besides the rake. If you want to reduce your risk take it, if not, don't. It's certainly -EV but that's beside the point.

effectively turns the game of poker into a banked game, which just seems weird to me. idk, maybe it's not shady but i wouldn't do it myself if i was hosting a game

 

[fubster]

This has been going on ever since gambling was invented. A very well-known gambler - whos' initials are MS; has made millions of dollars doing precisely this, both as a railbird AND as a player taking advantage of another railbird's erroneous handicapping.

hmm... if he's a well known poker player i'm sure i know him. mind PMing me?