You're right, Pascal's Wager has convinced me -- to worship Odin. After all, if Odin doesn't exist, I've lost nothing, whereas if he does, it's a good thing I've worshipped him, because if I didn't I'd be screwed out of Valhalla.
...Right?
Another dumb part of Pascal's Wager is the implication that one "loses nothing" if one follows and worships a non-existent god. On the contrary.
Yet another problem is the question of whether a god would be likely to reward someone who didn't necessarily believe in the god, but went through the motions because of the results of a cost-benefit analysis on whether to act as if one actually believed...
That's easy since it's a logical nightmare.
The "avoiding the wrong hell" problem. Which religion am I supposed to believe in to remain safe? I'm not necessarily safe if I believe in God, since another god that is the true god could get mad and send me to hell for it. Like the South Park episode said, "I'm sorry, the correct answer was 'Mormon'."
There's also the problem of odds, that these are equally probable choices. What if the likelihood of God existing is very low? Then the God choice is less attractive.
Then there's the matter of belief. Exactly how stupid do you think God is? Don't you think he can tell the difference between true belief, which is to be rewarded, and selfish pseudo-belief driven only by a calculated desire to avoid hell? Taking Pascal's Wager would likely end you up in hell anyway just for trying to pull a fast one on God.