Lyric discussion by SteamMachine 

The "lady with the spinning head" refers to the actual roulette wheel.

When he speaks of "she's got the rent", it shows that he's not gambling for fun, he's gambling his money in order to pay for things and he thinks that its the "ticket out of town." ... he obviously isn't always successful though - "Mean old man took away my car those credit guys they've got the power"

It makes so much sense now. It's about gambling.

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