I'll do my best. It goes something like this:
Good. That is indeed a fine summary of the logic of Pascal's Wager.
Here is why that logic is flawed:
Problem 1. Which God are we talking about? As we have seen in The Cosmic Shell Game thread currently running, there are an awful lot of them. Does it really seem such a safe bet to believe in the Christian God if it turns out the real god is another one, who gets annoyed at you for worshipping the false Jesus? Remember, you're presenting Pascal's Wager on it's own. It's no good you saying, "But there are no other gods," because you haven't yet proven this. You can't say "it's a safe bet to believe in God, and no, we're just talking about the Christian God here."
Not to mention the fact that there are an awful lot of Christians who believe that
other Christians are going to hell for being the wrong kind of Christians. Not such a safe bet after all!
What would
actually be logical, therefore, would be to believe in
every god and religion. But a moment's thought shows that this is extremely impractical - indeed, impossible to carry out in real life - and besides, a large number of religions explicitly forbid this practice, including the Christian God.
Problem 2. Okay, let's do as you say. Forget about the other gods. Just assume there is one, and moreover, assume that you have picked the correct version of the Christian god. So, when you get to heaven, what are you going to say to Him? "Yes, I believed in you, because Pascal convinced me that it was a matter of simple probability mathematics." This, of course, is not what Christianity teaches at all.
Problem 3: Pascal's Wager states that if you believe in God and you are wrong, you have lost nothing. This is incorrect. As a practical matter, you will have lost a good deal of time and energy in the pursuit of your beliefs. Religions vary widely, of course, and even in Christianity there is a great deal of variation. Furthermore, are you a person who values the truth? Most people would probably answer that they are. Well, if you follow Pascal's Wager and it turns out that you are wrong, you have spent your whole life following a lie. Does that sound like nothing at all?
In short, if you are attempting, as a matter of mathematical logic, to present "Believing in God" as a zero-effort enterprise (as Pascal's Wager states) this is quite simply incorrect.
These are the three main flaws with Pascal's Wager.