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Once all cards are drawn, whoever has a total closer to 21 than the dealer wins. If player's hand and dealer's hand have an equal value, it's a tie. All winning bets are paid 1/1 but when you get Blackjack you get paid 3/2.
The dealer stands on 17 or higher. All winning bets are paid even money (1 to 1), except for Blackjack, which pays you one-and-a-half times your bet or 3 to 2. basic game of Blackjack.