I'm pretty sure that actually is the problem with Pascal's Wager. You even just committed it when you only included Christianity. What about Islam? You go to hell in Islam if you are either an atheist or believe that Allah had a son. And then there are the various heretical versions of Christianity where you lose out on eternal life for "worshipping a dead man" instead of learning true knowledge from his teachings.
There are so many other competing hypotheses to choose from besides just Christianity or atheism that this is the massive failing point in the wager.
No, it's not (at least if we take the generous view and consider the Wager as an argument for belief in some type of deity, rather than the Christian one for which it was intended), because after considering all the hypotheses, you will still have to choose one (or more, I guess) of them, and it almost certainly won't be atheism. I also feel like you completely missed the point of my previous comment, but I'm not sure why, and am consequently at a loss as to how to clarify.
Today's post, The Pascal's Wager Fallacy Fallacy was originally published on 18 March 2009. A summary (taken from the LW wiki):
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