Pascal’s Wager isn’t an argument for God’s existence, even though it’s often misunderstood to be one. It’s a cost benefit analysis between believing in or rejecting God. Skeptics, I believe, are far too dismissive because I don’t think its weight is realized. The wager holds no power for skeptics because “it doesn’t tell you which god, you need to pick the right God/religion”. This is because of an over generalization of religions due either to lack of understanding, or refusal to distinguish between them, or both.
Not every religious system bestows salvation to someone who merely believes. Islam, for example, requires belief and enough good deeds to outweigh your bad — and even then Allah can still decide to exclude you from paradise. Hinduism is karma driven, and thus based on how you’ve lived and reincarnation is virtually certain, not to mention polytheistic. Mormonism (LDS) requires absolute moral perfection. And Buddhism is generally atheistic. In fact, all religions require the individual to, in essence, earn their way to the heavenly afterlife; you must believe and do good. That is, except for Christianity.
This is what’s unique about the Christian faith. There is no way to earn your way to heaven (Romans 4, Ephesians 2). Salvation is not based upon what you do, but on whom you believe. It is precisely this detail of Christianity and of no other religious system that makes Pascal’s Wager more effective than is perceived, it’s the only God or religion for which Pascal’s Wager can even apply. The Wager itself doesn’t allot for belief and behavior. In this respect Pascal’s belief proposition ends up being a cost benefit analysis for Christianity. Any old god doesn’t fit his Wager. No God but the Christian God is capable of satisfying the costs and benefits Pascal’s Wager argues for.
So while Pascal’s Wager is not an argument for the existence of God, it does point one in the direction of Christianity, not any of an array of gods or religious systems. As far as the Wager is concerned, and Christianity being the only legitimate fit, the Wager is a good and accurate one. If Christianity is true and you believe, heaven awaits. If false, other than missing out on a life of sex, drugs, and rock & roll, nothing has been lost. However, rejecting Christianity can only be a losing bet.