Definitely yes. The variance relates closely to the "risk of ruin" for any given bankroll of the gambler (including the house).
Here is an example that shows variance and not just odds can matter in the design of a gambling game: suppose you had two gamblers who were flipping coins against one another with fair odds for \$1 a flip. One of the gamblers has \$10 and the other has $100. If someone goes broke the game is over.
Based on odds and "expected value" it appears to be a fair game. Should either gambler be interested or disinterested in playing this game?
Of course, there are myriad other reasons as well for game makers to consider variance, including "soft" issues such as gambling psychology. In the limit, imagine a slot machine which returns 98 cents every time you put in a dollar. This game will probably not be very profitable for the game maker.