The J-Dub Gambling Challenge 2019: Week 8 – “Double Indemnity”
Earlier this week, my blog brother from another mother and fellow gambler SportsChump posted a piece explaining the agony known as the “hook.” Here at Dubsism, my gambling exploits from last week are deep dive into another wagering term known as the “insurance bet.”
In the strictest terms, an “insurance bet” comes to us from the world of blackjack. In short, it’s a bet whether the dealer will make a blackjack when their first card showing is an ace. Being a side bet to the original wager, a winning “insurance bet” pays at 2 to 1. The whole idea is it gives you a way to win back some of your first bet when the dealer does have a blackjack.
But since there are no cards involved in gambling on college football, an “insurance bet” means placing two bets on the same game, usually one on the point spread, and another on the over/under. One does this for the same reason the blackjack player does; it’s all about “minimizing the damage” on a spread play on which you have limited confidence.
A perfect example of this came in last week’s Michigan-Illinois match, where the Wolverines were favored by 21.5 (see, there’s that pesky “hook” again). Because I don’t trust Jim Harbaugh, I figured that if Illinois was going to cover, they would need to score a lot more than Vegas thinks they can. Well, I turned out to be right, and the fact that Illinois stayed inside the number and drove the total safely into “over” territory, I made back $100 on a $50 Michigan/$50 Over play. If you’re asking why I didn’t just take Michigan….see that whole “don’t trust Jim Harbaugh” thing again.
That brings us to the “Double Indemnity” theme for this week. In the 1944 classic, Fred MacMurray plays an insurance salesman who gets involved with a housewife who wants her husband dead. They hatch a plan to insure him, then kill him…making it look like an accident, thus triggering the “double indemnity” clause and doubling the payout. But thing go wrong, and MacMurray ends up dead, which means he didn’t hit his “insurance bet.”
Thankfully, I’m not Fred MacMurray, I hit my “Insurance bets,’ and hit “double indemnity” on a $100 Alabama /$100 Over play…amongst several others. All tolled, the J-Dub-Gambling Challenge Bankroll saw a net profit of $918, leaving the season total at $6,360.
All this means is another week, and more gambling; Hopefully, I don’t end up like Fred MacMurray.
Now, let’s get ready to gamble.
LEGAL DISCLAIMER (mandated by our very own Small Town Pizza Lawyer):
Thanks to the Supreme Court, gambling is no longer illegal at Bushwood, sir. However, the Supreme Court can’t really help me unless one of them is willing to keep Mrs. J-Dub from braining me with a cast-iron skillet if she found out how many dimes I’m dropping on college football. That means that as far as she knows, all wagers are mythical in nature and this is in no way, shape, or form a gambling advice column. In other words, if you lose your own “real” money, that’s nobody’s fault but yours, so don’t yell at me when we meet at the plasma center on Monday.
- UCLA at Stanford (-8) O/U 53.5 $50 UCLA
- Pittsburgh (-3.5) at Syracuse O/U 52.5 $75 Pittsburgh
- Auburn (-18) at Arkansas O/U 55 $75 Auburn
- Iowa State (-7) at Texas Tech O/U 55 $100 Texas Tech
- Florida (-6) at South Carolina O/U 48 $125 Florida
- Wisconsin (-31) at Illinois O/U 46.5 $50 Wisconsin, $50 Over
- Purdue at Iowa (-18) O/U 49.5 $50 Purdue
- Texas Christian (-3.5) at Kansas State O/U 46 $100 Texas Christian
- Indiana (-3.5) at Maryland O/U 56.5 $75 Maryland
- Baylor at Oklahoma State (-3.5) O/U 64.5 $200 Oklahoma State
- Michigan at Penn State (-9) O/U 41 $100 Penn State, $100 Over
- Texas A&M (-6.5) at Mississippi O/U 56 $100 Texas A&M
The Dubsism College Football Heavyweight Champ Bet:
Ohio State (-28) at Northwestern O/U 48.5 $50 Ohio State, $50 Over
J-Dub’s Payday of the Week:
Temple at Southern Methodist (-5.5) O/U 59
$250 Southern Methodist
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