Baccarat is an opulent casino game with a Bond-dipped mystique. But beyond its etiquette and ritual, it also possesses a Zen-like minimalism: bet on player or banker, and the hand that gets closest to nine (picture cards count as zero, aces as one) wins. It is a simple rule, and it has made this game the game of choice for high rollers worldwide.

The history of baccarat began in Italy and spread to France, where it quickly became popular with nobility and the wealthy. From there, it found its way to the United States and became a favorite among Asian high rollers. But it has only been within the past thirty years that this game has become a staple in many American casinos.

As with any casino game, it is important to know the rules of baccarat before you play. It can be easy to get caught up in the excitement of a winning hand and overextend your budget. To avoid this, it is a good idea to set a limit before you begin playing and stick to it. This will help you keep your money under control and have fun while playing baccarat.

During each round, you must bet on either the Player, the Banker or a Tie. You will then place your chips in the respective box based on which option you want to bet on. The dealer will then deal two cards to each hand. The Player and Banker hands will be compared to determine the winner.

After the initial deal, the Banker will draw a third card. This is done when either the Player or Banker hand has a total that is close to 9 but not a 9. The value of the third card depends on how the first two cards were played out.

Once the third card is dealt, the outcome of the hand is determined. If the Banker and Player hands are equal, the hand is a tie and the bets are returned to the players. If the Banker has a better hand, the winning bets are paid out.

In addition to betting on a player win, a banker win or a tie, you can also make side bets in baccarat. These bets vary by establishment and platform, but most of them offer odds of around 1:1. They can be placed on the Player Pair, which wagers that the player will receive identical cards in the deal, or the Banker Pair, which pays out at 11:1 odds. Another popular side bet is the Progressive bet, which pays out at even money on all wins. It is not recommended to use this strategy when you are losing money. You should increase your bet size each time you lose, and decrease it after a win. This is a great way to improve your game over time.