If I remember correctly that's a 2.5% house edge, meaning that the casino gets a slight advantage with their odds so that you're basically playing to lose.
If it was 50/50, it would be possible for a lot of people to walk away with more money than they started with. With a house edge, it limits that for a lot of people.
I don't think that's slight advantage of the casino, some casinos I have played have the lowest of 0.50% and yet they are still profitable. For sure that casino OP is playing is not popular as who would ever play that huge house edge, it's not competitive anymore and it will not attract more players and investors at the same time.