What does the color wheel of fortune do?

In one of the town/basecamp/safe areas, there's a color wheel of fortune, where you can gamble a crystal shard to roll the wheel with chance of apparently landing on one of the white pie slices. What does this wheel do, and what happens if the wheel lands on one of the rare slices?

I reached the color wheel, and decided to sink about 15 crystals into it to see if the colors have any connection to winning or losing. Below are some of the results.

Landed on red - counted as a loss.

Landed on purple - again counted as a loss.

Same result with white.

Finally hit blue, won one crystal (but shortly after I landed on yellow once for another crystal and a second time for nothing).

And after a few tries, I won a heart piece on red?

After seeing these results (and having had similar experience with it in the past), it seems the color it lands on has no connection to the outcome of the game.