The elf will let you trade a quarter of your gold for a chance to open 1 out of 3 chests and win triple what you spent. The other two chests contain nothing.
Statistically he is offering a fair deal, and a successful guess with him can give the player enough gold in one run to buy an expensive upgrade in the Manor.
Increasing Bounty increases the efficiency of this room; for example, gambling 1,000 gold will cause the chest to open and contain the equivalent of 3,000 gold in coins, coin bags, and diamonds. However, with a Bounty of 100%, the gold picked up will be worth 6,000 in total. This means that, generally, if you have a decent amount of Bounty, gambling is a good idea. Furthermore, if you have the Nerdy Glasses you can see which chest contains the loot.
Trivia: The elf's dialogue when you lose ("You soooo stupid!") is a reference to the movie UHF .
Trivia: The elf's name changes depending on whether you win or lose. If you win, the elf is renamed "Sore Loser Elf" or possibly "Cheapskate Elf". Losing results in "Sore Winner Elf".
Note: His service can be used only once per dungeon. Revisiting a locked down dungeon will not allow a player to retry. However, he can appear several times in a single run.
| The Blacksmith • The Enchantress • The Architect|
Booyan • Charon • Miserly Elf