Second Chance's format was later used, with some adjustments, for the Carruthers Company production Press Your Luck, which premiered in 1983.

Like its successor series six years later, Second Chance saw contestants answer trivia questions in order to earn spins on a large game board with various cash amounts and prizes.

The contestant in the lead at the end of the second board playing won the game, and kept whatever cash and/or prizes he/she earned.

Almost immediately the series faced problems as the Noon timeslot on the networks was long subject to preemptions for local newscasts and other programming.

The CBS soap opera The Young and the Restless, which was starting to become a ratings success in its fourth season, also proved troublesome for Second Chance in the timeslot (NBC, which aired Name That Tune and Shoot for the Stars at Noon during the first three months of Second Chance's run, was also struggling).

Unable to compete with the hit soap on CBS, Second Chance came to an end after nineteen weeks and aired its final episode on July 15, 1977.

Although both shows featured nearly-identical gameplay, Press Your Luck employed a more colorful, constantly changing gameboard, its villain was the animated "Whammy", and its question rounds were conducted differently.

The ABC version began in 2019 and does not feature returning champions; however, the winner of each episode goes on to play a bonus round for up to $1 million in cash and prizes.

The show ran in Australia in 1977 on Network Ten hosted by Earle Bailey and Christine Broadway and produced by Reg Grundy.