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Blackjack (formerly black jack and vingt-un) is a casino banking game. [1]: 342 It is the most widely played casino banking game in the world. It uses decks of 52 cards and descends from a global family of casino banking games known as "twenty-one".
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If the dealer has blackjack, the hand is a push, but the player receives twice the value of the insurance, which is the same as the original bet. If the dealer does not have blackjack, the player wins 1.5 times the value of the original bet but loses the value of the insurance and still ends up with the value of the original bet.
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The newly capitalized "bank" of the MIT Blackjack Team started on 1 August 1980. The investment stake was $89,000, with both outside investors and players putting up the capital. Ten players, including Kaplan, Massar, Jonathan, Goose, and "Big Dave" (aka "coach", to distinguish from the other Dave from the first round) played on this bank.
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