Hah! Actually the first time I came across this concept was playing Stardew Valley. In the Fall season there is a festival with a spinning wheel. Visually the wheel is half green, half orange. You can bet N tokens on a color, and if the spinning arrow lands on that color then you receive N, otherwise you lose N.

The funny thing though is that despite the wheel being painted half green half orange, the actual odds are 75% green and 25% orange. But calculating how much of your money to bet at each iteration isn't super straightforward; in the end it turns out that to maximize your profit you should always bet exactly half of your money on green.