You bet, it is easy for someone to put a cheat code in a game nowadays, but if this game that you are saying is A.I vs player, then I would go for it, but still, it depends on how fair the game is. But I think it would not become that popular, unless it is very entertaining like DICE and sports betting. Because player will think that the A.I is hard to defeat.
Especially if you are only winning 1 out of 10 then you would automatically think that the game was not fair and you will quit it in an instant.
It's not easy to chest in games. If the important data is server sided which it will be it is I impossible to hack/cheat. Also do you really think they will payout to a cheater without investigating ? Players like that will be banned quickly anyway even if they did cheat. Also the game is not going to be as complex as you making it out to be. It will be simple it is like an alternative to classic online gambling. I think it's very clever.