A popular game at casinos and online, baccarat is a simple card game where players wager on the outcome of two hands. There are from seven to 14 seats for players, depending on the version of baccarat, and there is a separate area for the dealer. Players do not get their own cards, but instead bet on the ‘Banker’, ‘Player’ or ‘Tie’. When a player places a bet, the dealer deals the cards according to the rules of baccarat.
In baccarat, the winning hand is the one with a value closest to nine when all the pips (the dots on playing cards that represent clubs, diamonds, spades and hearts) are added up. Picture cards and tens are worth zero points, while cards numbered from 2-9 have their face value and the ace is worth one point. When the total value of a hand reaches double digits, the second digit becomes the new value of the hand.
The earliest baccarat was played in Italy, where it gained popularity among the nobility and upper class. Its rules are based on an old Etruscan legend of a virgin who threw a dice and, depending on the result, was elevated to the rank of priestess or banished to sea to drown. The game spread from Italy to France and reached the US in the 19th century.
Many baccarat variations exist, but the most popular is called Punto Banco. This game uses six standard decks of cards and a group of players at a circular or oval table. A player starts the game by announcing “go bank” and setting an initial betting amount. Players then place their bets counterclockwise around the table.
After all the bets are placed, the croupier deals one card to the Player box and another to the Banker box. The croupier then declares if the Player or Banker hand is the winner. There is also a third bet, the tie, which pays out eight to one, but has a higher house edge than player or banker. High rollers prefer to play baccarat for the cultural reasons Zender mentioned, as well as its low house edge and lower volatility.
Baccarat strategy can be tricky. It is important to set a limit on how much you want to win, and to stop when you reach that number. You should also avoid using progressive betting strategies, like doubling your bet after each loss. These can quickly deplete your casino balance.
One strategy that works well is the 1-3-2-6 system. This method divides a player’s bankroll into six units and requires them to bet just two of those units each round. This helps prevent players from chasing losses and makes it easier to recover from losing streaks. Baccarat players can also use a technique known as edge sorting to improve their chances of winning. This method reduces the house edge by 0.05% and was used by Phil Ivey when he won $10 million from two casinos in 2012. While it is not illegal, this technique can be confusing for beginners, so players should consult an expert before trying it at a live or online casino.