Scep, it depends on your point of view.
If we are told that The Law of Large Numbers will EVENTUALLY reduce everything to near equality what has this to do with the wheel itself ?
Good question! The LOLN doesn't "reduce" anything to equality or near equality, it just reflects whatever the characteristics of the wheel are, which may not lead to equality on all variables.
Does the wheel itself have a memory that enables it to comply with the Law of Large Numbers ?
Of course not. The LOLN is inescapable whether or not the wheel is perfect, but even if the wheel is "perfect enough" there can be factors which influence outcomes temporarily. However, if you're focussed on the stats generated from millions of spins, which will only confirm the theoretical probabilities, you may miss opportunities in the short run. There is no value in calculating the long run expectation because it's too crude a measure. Interesting and potentially profitable patterns are "washed out" out in the mass of data.
I'm coming around to Mr P's approach: divide and conquer. Here's an analogy from horse racing. The probability of a favourite winning is 35% over all races, but there's no value in betting on all favourites because the returns are too short. But restrict your bets to races where the ground is hard and you make a profit when betting the 2nd favourite (return = 114%).http://adrianmassey.no-ip.org/web1/fav/index.php