The game is played in seven rounds. One trivia question is asked each round, and each player answers every trivia question. Players simultaneously place their written answer to the trivia question on the betting mat, and then bet on the answer they believe is closest to the right answer. The House pays players who choose the correct answer based on the odds marked on the board. The player with the most chips after the seventh question is the winner.
Wits & Wagers has won 19 awards including the Mensa Select award, the Board Game Geek 2007 Party Game of the Year, and GAMES Magazine 2007 Party Game of the Year. German, French, Swedish, and Norwegian editions of Wits & Wagers were released in the fall of 2008. Spanish and UK editions are expected to be released in the spring of 2009.
A video game adaption of Wits and Wagers was released on May 7, 2008 on Xbox Live Arcade. The title is being developed by Hidden Path Entertainment.