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Thursday, November 11, 2010

Bad Beat Insurance

Killing time.  I despise days like this, days were I have lots of work to do but struggle with having the discipline to force myself to do it.  It doesn't help any that it's 70 degrees outside, in November, and I'm stuck indoors.

I read Dr. Pauly's excellent new post on Pai Gow Poker (it's very much worth your time) and was introduced to something that I haven't seen before:  Pai Gow insurance.  Apparently there are now tables where you can buy insurance against having a Pai Gow.  According to the Wizard of Odds, payouts begin at 3 to 1 for an ace high paigow all the way up to 100 to 1 for the rare 9 high paigow.  As a victim of a brutal cold streak the last time I played at the Imperial Palace, those payouts could have saved my bacon. 

I tip my cap to whoever came up with the idea.  It's  the sort of thing that keeps me away from just betting the Don'ts on the craps table full time, or maybe betting on a hit of zero numbers at Keno

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The concept of insurance also got me thinking about a new idea for online poker rooms:  Bad beat insurance.  Get your money in good but got sucked out on?  If you bought insurance you get paid!

I'm absolutely certain that this could be done in a way that would be both profitable for the house and fun for the players.  Wouldn't you like to get shipped some cash next time you lose to runner-runner perfect?  I don't even think it would be that hard to set the rake and the payouts.  I'm not going to do it, but I am available for consulting (lulz).

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Reading through some of my old posts for the links above definitely stirred the pot on Vegas fever.  To combat it, I sat down and wrote out a plan - what I would need to do to get there next year.  It won't be easy, and there will always be that nagging "you should just apply that money to your student loans dummy" voice, but so far it looks possible.  Then again, from 12 months away just about anything looks possible...

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