Understand what «Blackjack 3 to 2» means. Somewhere on the blackjack table there will be a sign that says, «blackjack pays 3 to 2». All this means is that you, the player, will get $3 for every $2 you wager. This is standard, and gives the house slightly elevated odds. Lawrence Delevingne’s story on Michael Geismar’s time in Vegas is a great anecdote showing that people in charge of billions of dollars on Wall Street don’t understand the idea of shifting risk. After hearing Ben Mizrech speak, Geismar was seen using a betting strategy to try and improve his winnings at the blackjack table. After every winning hand, he would increase his bet by $1,000. After a losing hand he would lower his bet. The article doesn’t say by how much, but let’s assume after losing a hand he would reset his bet to $1,000.
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