Squeal of Fortune
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The Squeal of Fortune is a daily activity available to both members and free players. Free players get one spin a day while members get two spins a day. The introductory task system must be completed or turned off for the button of Yelps to appear. The Squeal of Fortune resets every midnight UTC. Rewards include armour, weapons, xp lamps, coins, and other items, some as illustrious as godswords. Lucky equipment is untradeable and will be destroyed if you die and choose not to keep hold of it. The "lucky" is determined by the item's rarity and not the value. Spins can also be bought by members.
The Squeal of Fortune button.
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When a player logs in, there is a small interface somewhere on the game screen; this can be moved to wherever the player wishes to keep it. Click on the button of Yelps, the host, on the left side of the interface, to begin the activity. Not all items are available in every draw; it appears that players get a selection of 13 items, which always consists of one super rare item, two rare items, four uncommon items and six common items. The selection of items changes from spin to spin, but logging out and back in results in no change.
Squeal of fortune control panel tab.png
The list of items is shown in a line of boxes at the bottom of the screen, with the "Current" item's box glowing slightly. Click the big red button at the right of the screen to stop the wheel. When the glow stops moving, the player receives that item. Players then get the option to send the reward to their bank (items such as rune platebodies, etc.) , inventory (for exp lamps) or money pouch (if it was a prize of coins) or to discard it. If the inventory is full and a lamp is won just exit the activity and deposit or drop items. Then resume the activity and claim your lamp.

The wheel graphic does not indicate the chance of the wheel stopping on a particular slot. That is to say the chance of obtaining a super-rare item is significantly less than the 1 in 13 the wheel suggests.

When a rare or super-rare item is won, a message is broadcast amongst all worlds. It displays the name of the player and the item won in a short one sentence dialogue under "News:".

The time at which a player presses the button does not determine the loot gained. As soon as the button is pressed, the item will be chosen randomly and the glow stops on that item.

It should be noted that if you doubleclick on the red spin button, the wheel will stop immedialty.
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Due to an initially unannounced update on 2 April 2012, Squeal of Fortune spins can be bought with JCoins, Jagex's microtransaction currency, and real-life money. This has caused controversy, as the update allows those with easy access to real world currencies advantages not allowed to those without such access. It is also possible to get more spins by collecting Claim Tickets, which are dropped by various monsters. The paid spins resulted in thousands of complaints in the forums and riots in World 66 at Falador.
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Buying spins

Spins can be bought in groups of 10, 20 or 40 spins, with a bonus 5 spins being given for buying 20, and a bonus 35 spins for buying 40 spins. Keep in mind that spins that are bought, expire after 6 months. A maximum of $200 can be spent when buying spins.
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The prices of spins are as follows:
Currency 10 spins 20 spins (with 5 bonus spins) 40 spins (with 35 bonus spins)
US dollar $4.99 $9.99 $19.99
British pound £3.50 £6.99 £13.99
Euro €3.99 €8.00 €16.00
Australian dollar $4.99 $9.99 $19.99
Canadian dollar $4.99 $9.99 $19.99
New Zealand dollar $5.99 $11.99 $23.99
Swedish kronor 30 60 120
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Controversies

On April 2, 2012, Jagex added the ability to buy Squeal of Fortune spins with real money. This caused several controversies.
Real World Trading

Many players view the ability to buy spins as a form of Real world trading, because the spins have the potential to give very valuable and desirable rewards. Jagex has stated that buying wheel spins is different than buying gold or items from a third party, because the gold or items are not the third-party's to sell. Many players, however, disagree, saying that overall negative effect on the game is still the same, and citing Jagex's own policies regarding real world trading.
Player Reactions
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Due to RuneScape's long history of fighting against real-word traders, as Jagex is seemingly rewriting its previous rules, some players believe that RuneScape may soon become insolvent. Some veteran players left the game, believing that levels in slower-to-train skills such as Runecrafting will be purchased instead of earned. Some players have gone into "mourning" for the death of RuneScape and are wearing black whenever it is feasible to do so. Popular sets include priest gowns , Void knight robes, and black armour .
Financial Security
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If a member is paying by credit card, and the credit card information has been saved with Jagex, there is no identity verification between clicking the in-game "buy spins" button and confirming the transaction. This means that someone with unauthorized access to a RuneScape account can turn up to $200/day of the rightful owner's money into Squeal spins. Since there is no option to disable spin purchasing on an account, it is also possible for children whose parents pay for their RuneScape membership to spend their parents' money on Squeal spins without their knowledge. These issues have provoked accusations that Jagex is violating laws concerning customer data protection. Jagex has replied with reminders to keep your RuneScape login information secure.
Gambling
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As RuneScape contains no age verification (except confirming that the user is at least 13 on signup), it is possible for children under the age of 18 to spend real money on the Squeal of Fortune. Jagex has stated that since every spin on the Squeal wins an in-game item (even if only Cabbage or Fishing bait), and since there is no potential for real monetery return, the act of purchasing spins is not truly gambling. Many players maintain that such a low-value spin is functionally equivalent to a loss, and that a purchased Squeal spin therefore counts as gambling. If a low value spin is, in fact, a loss, then the act of selling Squeal spins may violate anti-gambling laws or 18+ only gambling restrictions in several countries.
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More info can be found at:

http://services.runescape.com/m=forum/forums.ws?15,16,384,63658749
Quick find code: 15-16-384-63658749