Edward Berger was due for a mediocre hand.

The filmmaker has been on a hot streak with his last two directorial efforts, 2022’s German-language adaptation of “All Quiet on the Western Front” and last year’s “Conclave,” both nominated for the Academy Award for best picture.

We expect no such honor for “Ballad of a Small Player,” a reasonably ambitious film that’s a bit more effective as a character study of a gambling addict than a psychological thriller and that never quite gets on a hot streak itself.

Landing this week on Netflix after a brief limited theatrical run, the film stars Colin Farrell as Lord Doyle, who, as he puts it in the film’s opening narration, is “a high roller on a slippery slope, a gambler with a pair of lucky gloves washed up on the shores of Macau, the gambling capital of the universe.”

The name’s fake, of course — “Here, I can be whoever I want to be,” he says — but the debt he’s amassing in Asia’s glitzy and glamorous answer to Las Vegas is quite real. Wearing his distinctive yellow gloves, he is on a bad run playing the punto banco variety of baccarat, in which, as he tells us, the house has only a slight mathematical edge over the player.

We can tell from an early shot of his suite in the high-class Wynn Palace that he’s living in luxury but not living well. Under the door, into his messy accommodations — home to empty bottles of booze but decidedly lacking in cash — comes an envelope. The delivery is soon followed by a meeting with a casino manager, who insists he pay the 350,000-plus in Hong Kong dollars he owes or the police will become involved.

He bargains for a bit more time but can no longer gamble there. Although he refuses Lord Doyle a complimentary limo, a sympathetic valet advises him he may still be able to get credit at the more modest Rainbow Casino, so after grabbing an umbrella on this rainy evening, he ambles off for that establishment.

There, he encounters the mysterious Dao Ming (Fala Chen), a casino employee who, yes, despite all the signs that it’s a bad idea, offers him credit. Predictably, the cards continue to work against him.

Worse, Lord Doyle is being hunted by a private investigator, the icy-cold Cynthia Blithe (Tilda Swinton), representing a party also wanting money from him.

As the story proceeds, set against the backdrop of the Festival of the Hungry Ghost, Dao Ming floats in and out of his life, with Lord Doyle believing a run of good luck will begin at any moment and wanting to share his entirely theoretical winnings with her.

Perhaps it’s supposed to be, but it’s rather obvious what truly is happening along Lord Doyle’s journey as he attempts to change his luck — or find another way out of his dire situation.

As a viewer, it’s difficult to fully embrace Lord Doyle, despite some colorful elements to the character. We can’t help but wonder if Farrell felt the same way, as the actor — on a hot streak himself of late with excellent performances in the series “The Penguin” and the underappreciated recent film “A Big Bold Beautiful Journey” — never quite finds his footing in the role.

“Ballad of a Small Player” is based on the 2014 novel of the same name by Lawrence Osborne, with screenwriter Rowan Joffé (“The Informer”) responsible for the adaptation. Berger doesn’t have as much to work with here as with his previous two films, which are quite different from one another but are both excellently made.

Given the quality of the visuals of those two films, it should come as no surprise that “Ballad,” too, is a looker. Berger works again with “Western Front” cinematographer James Friend, who makes art of both the casino settings and the rain-drenched streets of Macau.

The film’s final stretch, while not revelatory, is somewhat more satisfying than much of what comes before it, but it’s not enough reason to give this film a strong recommendation.

In the punto banco variety of baccarat, a player is dealt two cards, with the best hand adding up to nine. Berger is holding a three and a two, but we’ll bet on a stronger play from him next time.

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‘BALLAD OF A SMALL PLAYER’

2 stars (out of 4)

MPA rating: R (for language and suicide)

Running time: 1:42

How to watch: Netflix

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