It's obvious that the bet was over the 360 version of MW2. During the end of the interview Geoff's hands are moving in a back and forth motion, thereby indicating that as leader of a biker gang, the bet also includes his hog as collateral. Reggie, clearly aggrieved at the notion that a rival bike gang could control his turf, therefore bets both his ride and access rights to KXNC, the local radio station where Reggie's girl works as a receptionist and can slip the winner the key for late-night rowdy broadcast sessions.
Now, given the high stakes, do you really think that the leader of the Hell's Satans (Geoff) would bet on a PS3 game? Everyone knows that the Yakuza have long since stopped refinancing the loan on that house of motorcycles, and it's really hard to hit the brake lever when you're missing thumbs due to an honor-severing, so the odds of a PS3 game beating NSMBWii are basically nil.
Unfortunately for Reggie, losing the bet means that he'll go blind and hair will grow on his palms.