Hit or Stay?

To provide some much needed diversion and entertainment, after work tonight, I went to my favorite casino, to play a little Blackjack. Watching other people in the game caused to me think about why some people play the way they do.

I use a strict "basic strategy" style of play when I play "21", and vary my bets to take advantage of winning streaks, while diluting the effects of losing streaks.
For example, I almost always (greater than 98% of the time) hit a 16 when the dealer's up card is a 7 or better.

I know the math, and proven it for myself. Standing on 16, hoping the dealer does not have a "made hand" (17 through 21) is a statistical loser 72% of the time, because 72% of the time the dealer will in fact have a made hand, or draw to one, taking your money. Alternatively, hitting 16, even with it's unfavorable chance of busting (eight of thirteen cards, the 6 through King), produces a statistical loss only 60 percent of the time, because five of thirteen cards (5 down to the Ace) will produce a tie, or a better hand than the dealer.

Putting it another way, this means that standing on sixteen (against a 7 or better) wins only 28% of the time, while hitting produces a winner 40% of the time. This is a significant difference.

So if you're a gambler, and play Blackjack, please leave a comment explaining what you do in this situation, hit or stay, and why. I promise not to try to argue the rightness or wrongness of your strategy. I'm just curious. Who knows, maybe I'm missing something here.

By the way, I won three hundred dollars on a two hundred dollar "buy-in" while playing at a ten dollar minimum bet table. That was certainly entertaining, and I diverted the winnings directly into my bank account. The icing on the cake? The casino gave me a ten dollar meal ticket, to encourage me to come back another time. I ordered a steak, egg and hash browns plate, to go. It will make a delicious breakfast.

I hope to see you out there on the road.

Sincerely,

The Cab Guy