A threat, and a very serious one at that. If somebody threatens to spin the wheel on you beware! The wheel is a devastating haymaker type punch that may very well take your head off.
However, due to the severity of 'the wheel' it is very rarely spun. 'Spinning the wheel' is no joking matter.
Sometimes called 'the wheel of justice'

spin the wheel: to spin the wheel is to try your luck with girls... similar to going to the casino, and trying your luck with the roulette or chocolate wheel. although in most attempts the casino gives better odds

moving or controlling one's vehicle while intoxicated or in the process of intoxicating one's self.

Like a car stuck in mud, to spin one's wheels is to try to make progress, but get nowhere.

What happens when your computer is trying to tell you to spend less time looking at cat memes and go outside more.

The spinning ham wheel is a sexual position where the male attaches a circular ham to a drill bit and drills the women's anus while he penetrates her vagina.

It means to take a gamble so that you can change a situation that has become intractable.

You have got stuck in your current strategy. Your current options are either to do nothing or to lose. So you take the third option of introducing some randomness, knowing the situation can’t get worse, hoping the new situation will provide you more options.