There have been plenty of low budget games.
Not even counting indie games, that most of the time have a budget far below $10m.
So my question is, what is high and what is low?
If a game has a high budget ($50m+) then you can be sure it's a hit. Usually a sequel in a successful gaming series or the new IP from a well known developer (Bioware, Bungie etc.). Don't worry those will surely break even.
Everything else already has a medium sized budget. No point in reducing that any further.