Although named differently when a player has a natural 21, an Even Money bet is basically the same as the Insurance bet. If a player is dealt a natural 21, and the dealers is showing an Ace, the player can make an Even Money bet as insurance against a dealer 21.
For example, if a player makes a $40 bet and is then dealt a natural
21 the player wins $60, unless of course the dealer also holds a natural
21, which is very possible if the dealer is showing an Ace. In this
situation, the player has the option of making an Even Money bet,
which limits the players loses if the dealer also has a natural 21.
Now lets assume the dealer is showing an Ace, and the player takes
the Even Money bet for the full amount of $20, half of the initial
bet amount. When the dealer begins to play his or her hand and the
value of the down card is exposed one of two outcomes will occur.
1. The dealer is not holding a natural 21 and the player wins $60
for the initial bet, but looses the $20 Even Money bet.
2. The dealer is holding a natural 21 and the player wins the $20
insurance bet, however the initial bet results in a Push and nobody
wins.
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