Red or Black is one of those game shows that requires no real skill at all and you either win or lose. And there's nothing wrong with that, Deal or No Deal has worked that format fine but despite the best efforts of everyone involved (ITV for promoting it so heavily, Ant and Dec for hosting it with such gusto and Simon Cowell for...well just being involved) it has never really hit the ground and got people interesting.
With some format changes and less stunts (like performers from Cowell's label performing most weeks) I think this show could still be a hit but due to the cost of making it and the large prize money I think ITV may want to cut their losses.
