The series was cancelled after the sponsors left. CBS was unable to find another sponsor despite the good ratings.
Initially, the series was about a casino on a boat moored three miles off the coast somewhere in southern California. However, halfway through what would be the show's only season, Lever Brothers, the show's sponsor, forced the producers to remove most references to gambling, and on the episode that aired February 6, 1960, authorities came to shut down the floating casino. However, Mr. Lucky was a step ahead and when authorities arrived, they found that the casino had been transformed into a private club and restaurant, with Ross Martin's character Andamo, previously being a partner in the casino, now becoming the maitre'd. Producer Blake Edwards was so angry that beginning with the February 20 episode, he had his name removed from the ending credits. Although the series had ranked in the Top 25 for the season, ratings dipped after the change and CBS decided not to renew it. In addition, Jack Benny's production company had expressed interest in a show in that same time slot, so that had something to do with the series cancellation as well.