A method for playing a modified version of blackjack is provided. The modified blackjack game involves a competition between several players, each of whom plays conventional blackjack against the "house". The objective is to win the most money from wagering. The cards are dealt from a shoe, and at least one "knockout" card is also included in the shoe. When the knockout card is dealt, the player having the lowest money total after the next hand is eliminated from the competition. A tournament may be conducted by enabling the winners and second-place finishers from a succession of competitions to proceed to the next round of the tournament, and to continue until a single overall tournament winner is determined. One or more "lucky losers" may also be allowed to proceed into the next round based on a random selection, despite not having been a winner or a second-place finisher in the previous round.