Baccarat: From Royal Courts to Casino Floors – A Brief History of the Timeless Card Game

A short history of baccarat. By Edwin Ford

Baccarat, one of the most glamorous and widely recognized casinos games, boasts a rich history steeped in intrigue and evolution. From its origins in medieval Italy to its transformation into a staple of modern gaming floors worldwide, the story of baccarat and its variations is one of cultural exchange, refinement and adaptation.

The origins of baccarat

Baccarat’s journey begins in 15th century Italy, where the game was initially conceived under the name “baccara,” meaning “zero” in Italian. This name was chosen due to the zero-value assigned to face cards and 10s. The game is often credited to Felix Falguiere, an Italian gambler who derived inspiration from an ancient Etruscan ritual. In this ritual, a virgin would cast a nine-sided die to determine her fate, with the highest number signaling a divine blessing. This symbolic association with the number nine became central to the game’s design, as nine remains the highest possible hand value in baccarat.

From Italy, baccarat migrated to France during the reign of Charles VIII in the late 15th century. Known as “Chemin de Fer” in French casinos, the game gained popularity among the aristocracy, who appreciated its elegance and simplicity. For centuries, it remained a pastime of the elite, often played behind closed doors.

Baccarat’s evolution
As the game spread across Europe, variations began to emerge. The French adaptation, Chemin de Fer, introduced players as active participants in dealing the cards, adding a layer of strategy and decision-making. Another variant, “Punto Banco,” gained traction in Latin America and the Caribbean, simplifying the rules and placing all decision-making in the hands of the house. This version laid the groundwork for the baccarat commonly found in modern casinos.
In the 20th century, baccarat made its way to the United States, where it initially struggled to gain traction. However, casinos in Las Vegas recognized its potential appeal to high rollers. To cater to this audience, they introduced luxurious baccarat rooms, complete with high stakes and exclusive atmospheres. Over time, Punto Banco became the dominant variant in North America, thanks to its straightforward game play and ability to accommodate large wagers.

The variations of baccarat

Today baccarat exists in several distinct forms, each tailored to different player preferences and regional cultures:
Punto Banco: The most widely played version globally, Punto Banco is entirely a game of chance. Players bet on whether the “Player” or “Banker” hand will win or if the result will be a tie. The casino handles all dealing, making it accessible to newcomers.

• The drawing rules for Punto Banco, often referred to as the tableau, dictate when the Player and Banker must draw or stand. These rules are preset, ensuring the game’s pace and fairness. For example, the Player draws a third card if their initial total is zero-five, while the Banker’s actions depend on the Player’s third card and the Banker’s total. These fixed rules also influence the odds, as the Banker bet has a slightly lower house edge (around 1.06 percent) compared to the Player bet (approximately 1.24 percent), while the Tie bet, despite offering higher payouts, carries a significant house edge of over 14 percent.

• The payout structure in baccarat reflects these odds. The Player bet offers even-money payouts, while the Banker bet, although more statistically favorable, is subject to a five percent commission (effectively 19:20) to offset its advantage. The Tie bet, with its high payout of 8:1, is riskier, as ties occur only about 9.5 percent of the time. This balance ensures the house maintains its edge while providing players with varied betting options.

• Casinos meticulously record the results of each coup in a shoe. This practice serves both practical and psychological purposes. It allows players to observe trends, such as streaks of Banker or Player wins, and fuels a belief in patterns, even though each coup remains statistically independent. Additionally, baccarat games typically use eight decks of cards shuffled together, which increases variability and further complicates card-counting strategies.

• The differential between Banker and Player outcomes often determines the frequency of egalité (tie) results. With eight decks in play, the intricate interplay of probabilities ensures that while Banker wins slightly more often, the tie bet remains a rare yet enticing option for players seeking high payouts.

• The concept of vigorish, or “the vig,” refers to the five percent commission on winning Banker bets. This small fee ensures the casino maintains its edge, even though the Banker bet statistically offers the most favorable odds for players. Without this commission, the house would lose its built-in advantage on the Banker bet. Interestingly, some players choose to bet the equivalent of the vig amount on the Banker bet, believing this covers their commission while maintaining their betting balance. This practice adds another layer of strategy and superstition to the game.

•  Modern baccarat tables often introduce side bets to add excitement. Common side bets include “Player Pair” or “Banker Pair,” which pay out if the first two cards form a pair. Other side bets, like “Big” or “Small,” relate to the total number of cards dealt in a round. Additional bets such as “Dragon Bonus,” which rewards players for significant wins, and “Lucky Six,” where payouts depend on specific winning conditions, have been introduced. These side bets, though offering higher payouts, often come with a significantly higher house edge.

• The introduction of Super Pan 9 attempted to modernize the game by using a stripped deck of 36 cards, removing sevens, eights, nines and 10s. Players and the dealer were dealt three cards initially, with the option to draw a fourth. Despite its innovative structure, Super Pan 9 failed to capture widespread interest, as players preferred the simplicity and elegance of traditional baccarat.

Chemin de Fer: Still popular in Europe, particularly in France, this version allows players to take turns acting as the banker. It offers more interaction and strategy, as participants can decide whether to draw additional cards.

Baccarat Banque: Similar to Chemin de Fer, this version designates a single player as the banker for the duration of the shoe. It’s a more structured game with fewer participants but retains the strategic elements of its French counterpart

Mini-Baccarat: A smaller, faster-paced version of Punto Banco, Mini-Baccarat features lower stakes and simplified rules. It’s a favorite among casual players and is often found on mass-market gaming floors.

Online and Live-Dealer Baccarat: The advent of online casinos brought baccarat to a global audience. Live-dealer games replicate the elegance of traditional baccarat tables, complete with real-time streaming and interaction. Many online platforms now incorporate electronic terminals, allowing for faster game play and lower operating costs.

• Some modern baccarat games, particularly in Asian markets, introduce the ritual of “burning cards.” At the start of each shoe, a set number of cards is discarded face-down to ensure randomness and thwart potential card counting.

Electronic Terminal Baccarat: Many casinos now feature electronic terminals where multiple players can participate in baccarat simultaneously. These setups blend the traditional charm of the game with modern convenience, offering quick betting and automated payouts.

Baccarat in popular culture

Baccarat’s allure has been immortalized in literature and film, most notably in Ian Fleming’s James Bond novels. The suave spy’s preference for baccarat, particularly in Casino Royale, cemented the game’s association with sophistication and high stakes.

The Enduring Legacy of Baccarat

Despite its evolution and adaptation, baccarat has retained its core appeal: elegance, simplicity and the thrill of chance. Whether played in the opulent salons of Monte Carlo, the bustling casinos of Macao or the digital realm of online platforms, baccarat continues to captivate players worldwide. Its variations ensure that the game remains accessible and exciting, offering something for everyone, from seasoned gamblers to curious newcomers.

About Author 

Edwin is a highly motivated, flexible and results-driven senior executive with extensive experience in strategy, sales, business development and commercial operations, developed through over a four-decade career in the gaming industry. Training, working and supervising in casino operations to an executive level , spanning over 15 years, he also operated and was a shareholder of several software-development and supply houses, leading development and deployment of new technologies across international markets.
He displays a skill set transferable to almost any business sector, experienced in consulting with the ability to drive any organisation to realize its goals.
In recent years he has handled licensing applications for several companies with a 100 percent success rate. After 46 years in the industry his passion for the sector is still strong.

*** This article was originally published in the March 2025 edition of Casino Life Magazine Issue 175***