The Wheel of Fortune, officially known as the Jackpot, is a minigame that can be found in each of the 4 capital cities (Pyr, Yrkanis, Fairhaven, Zora). It is run by a guild of Tryker known as the "Brotherhood of the Fortunate Gubani".
The way it works is very simple:
The chance to really win anything special is very small. Most of the time you won't win anything at all. And most of the things you do win will be more tokens, or weaker version of the outpost flowers.
On average once every few dozen tokens, you might win some fireworks or some flowers. And only once every few thousand tokens do you win one of the really special prizes. Nevertheless the Wheel of Fortune is the only way to obtain some of these special prizes, so many players spend hours in front of the Wheel, throwing in thousands of tokens.
The special prizes include:
The ladle and the yubo plushie are items you can hold in your hand like a weapon, but you can't do anything with them. The shield of prestige you can hold on your left hand like any shield, but it offers no protection. But all of these items do show on your character and they are purely coveted for their unique looks. The yubo plushie is particularly popular, as are both titles.
See on Official forum the "how to play"