Methods for carrying out any or all the steps of the disclosed gaming method for playing jackpot and live baccarat games with an option for insurance betting. After first two cards are dealt to a player's hand and a banker's hand, according to a set of baccarat rules, and one or more of the players are allowed to place a bet on live baccarat on either the banker's hand to win or the player's hand to win, an insurance bet becomes available for the player to be placed on the player's hand or the banker's hand and various rules are set forth for winning the insurance bet.