According to Wikipedia:
What decision should we make regarding the existence of God, and what are the potential consequences of that decision?Pascal's wager is an argument in philosophy presented by the seventeenth-century French philosopher, theologian, mathematician and physicist, Blaise Pascal (1623–1662).[1] It posits that humans bet with their lives that God either exists or does not.
Pascal argues that a rational person should live as though God exists and seek to believe in God. If God does not actually exist, such a person will have only a finite loss (some pleasures, luxury, etc.), whereas if God does exist, he stands to receive infinite gains (as represented by eternity in Heaven) and avoid infinite losses (eternity in Hell).
To answer this question, we should start with the "null hypothesis" (so named because of it's negation, "not.")
H0: God does not exist.
Note that this null hypothesis can be true or false, and we can reject it or fail to reject it. A summary of the four combinations of these possibilities are the following:
We reject the null hypothesis (we believe in God) and
A. The null hypothesis is true in saying God does not exist, and we make a "Type I" error.
B. The null hypothesis is false in saying God does not exist, and we make a "Type B correct decision."
We fail to reject the null hypothesis (we don't believe in God) and
C. The null hypothesis is true in saying God does not exist, and we make a "Type A correct decision."
D. The null hypothesis is false in saying God does not exist, and we make a "Type II" error.
So if theists err because God doesn't exist, then they commit a Type I error. If atheists err (God does exist), then they commit a Type II error.
Which of these two errors has more serious consequences? As pascal points out in his wager, the gains of believing in God are infinite while the gains of doubt are finite. So if we doubt God's existence, then we better make darn sure we are right. If we believe in God, on the other hand, then the probability of being wrong need not be so low. So contrary to Pascal, I won't tell anybody that it's better to believe in God or not; it's just best to make sure you are making the correct decision whether you believe in God or not. Atheists appear to need to make sure that the probability of being wrong is lower than the theist's probability of being wrong.