The name evokes images of high-rollers in tuxedos, elegantly playing this thrilling game in the pit of a casino. Despite its mystique, Baccarat is actually fairly easy to learn and fun to play, even for the uninitiated. But the real challenge is overcoming the house edge, and that’s why it’s important to set a budget before you start playing.

Baccarat is a table game where you place bets on either the Player, Banker or a Tie. Once the bets have been placed, the dealer will deal two cards to each player and the Banker. The hand that totals closest to nine (without going over) wins the round. If your bet on the Player or Banker wins, you’ll be paid out according to the odds of a winning hand, which can vary from one for one to eight to one depending on the rules of the game and online casino you choose to play at.

Aside from betting on the Player, Banker or a tie, you can also place a bet on a specific pair of hands. This wager pays out at 11:1 odds, and you’ll place it before the dealer deals the cards.

In addition, you can place a bet on the third-place hand, which pays out 8:1 odds. However, the payout odds on this bet are less enticing than the others.

There are a few rules that you should always be aware of when playing baccarat, whether at an offline casino or online. First, the players and the Banker must agree on the amount to be wagered before the deal. This is referred to as the “table limit.” The table limit will be posted on the baccarat table. It’s important to remember that you must not go over this limit, as doing so will result in a loss.

After the table limit has been established, the players can then announce if they wish to “go bank.” When a player goes bank, he or she places a bet against the Banker’s amount. Afterward, the dealer will proceed to deal the cards according to the baccarat rules.

The game is played on a large square or oval baccarat table, with the players sitting in counterclockwise order around it. Once all of the bets are placed, the dealer will deal the cards based on the baccarat rules. Typically, the banker will deal two cards to himself and the player, and then compare them. In the event of a tie, the stakes will be returned to the players. If you’re betting on a winning player or banker hand, you’ll receive your payouts according to the baccarat rules. If you bet on a winning tie, you’ll be paid out 19 to 1. However, this is subject to a 5% commission. This can significantly reduce the payouts you’ll receive. Luckily, the house edge in baccarat is minimal. In fact, it’s the lowest of all major casino games. This makes it a favorite of many VIPs and high-rollers.