This analysis -- like Pascal's -- assumes that "God" is unique and well defined, whether or not existent.
But according to some believers, worship of Brahma is devil-worship, and worse than atheism; and even within Christian belief the dispute as to whether Christ is of the same substance as the Father, or similar substance (homoiusian versus homousian, exactly one iota of difference in the Greek) led some believers to declare others damned. Thus, to win the wager you must select the right Divinity among a very large set of options -- and suffer heavily on Earth from other believers who think you heretical.
The expected pay-off of "I do not believe any such thing" is greater than that of any one particular belief.
More information about formatting options