The wheel is divided into a number of equal segments separated by spokes or pins. Each segment is associated with a number. The wheel is spun by a dealer, and the winning segment is indicated by a pointer mounted on a flexible piece of rubber or leather, which also rubs against the pins to impart friction and slow the wheel down.

There are a number of variants of the game, that divide the wheel into a different number of segments, use different symbols in the segments, and have different odds if a symbol is selected.

This variant is the most common in casinos in the United States. The symbols are the $1, $2, $5, $10 and $20 bills — and two special symbols, usually a joker and the casino logo, which appear only once each. Players wager on the symbols. The $1 bills pay at odds of 1 to 1, the $2 bills at 2 to 1, the $5 bills at 5 to 1, and so on. The joker and the logo pay at odds of 40 to 1 or 45 to 1, depending on local gaming regulations or the practice of the casino.

The Money Wheel is a variant.The house advantage or edge (the proportion of the stakes that the casino expects to win on average) of this game is one of the highest of most casino games. In the United States it ranges from 11.1% on the $1-bill bet to more than 24% on the joker or logo (when it pays at 40 to 1). In Australia the house edge is 7.69% on all bets such that the payouts are: 47:1, 23:1, 11:1, 5:1, 3:1 and 1:1 on a 52 segment wheel.

The Dice Wheel similar to Chuck-a-luck is another variant. The symbols on the wheel represent some of the 216 possible combinations of three dice. Sometimes the same symbol appears in more than one segment. Players wager on the numbers 1 through 6. If the number appears on one of the dice in the winning segment, the dealer pays at 1 to 1. If the number appears on two of the dice, the dealer pays at 2 to 1. If the number appears on three of the dice, the dealer pays at 3 to 1.