Blackjack is a casino card game in which players attempt to beat the dealer by building hands totalling 21 or closer, using a standard 52-card deck. Before cards are distributed, bettors place bets with minimum and maximum stakes posted on the table; once betting has closed, two cards are given out randomly and players decide whether to stay or hit; those who hit receive additional cards (making “hands”) while those who do not change are considered “stands.” If any player’s total exceeds 21, or “bust”, then all other players lose bets! In this way only the dealer gets one option with every possible outcome: either hit/stand option available as all other players lose bets. If a dealer holds blackjack then all other players lose bets.

Blackjack offers several side bets, such as insurance – which pays 2 to 1, when the dealer holds an ace up – as an added option. Before each hand is dealt, players may place up to half their original bet as an insurance bet before the dealer deals their hand. They then check their hole card through a viewing window on the table to check for a blackjack, paying any insurance bets off and ending play if one exists.

Players’ hands are scored by collecting an ace and either a face card or ten. If a player acquires 21 on their first two cards (a “natural”) they win instantly – otherwise the dealer wins and it ends in a tie game.

One of the most widely used strategies for card counting in blackjack is known as penetration and involves keeping track of aces and 10s, to use this information for strategic decisions that reduce house edge significantly. More advanced counting techniques involve plus/minus counting systems which monitor both sets.

Studying expected regret and omission bias outside an experimental setting is often challenging, yet blackjack makes an ideal case study in this respect. An experienced player can quickly categorize optimal play and document any deviations in an easily understandable fashion. Baldwin Cantey Maisel McDermott published their single deck strategy back in 1956 (Reference Baldwin Cantey Maisel McDermott1956) which has since been extended to multiple deck games as well as card-counting schemes.