Wager Master Win Condition Conundrum

I played against Wager Master for the first time a couple days ago, and I have a question about order of play with face down condition cards.  Here's the setup....

In my game, we had 2 copies of "Wagelings" and "Who are you fighting?" in play on the table. We then met the condition for Wager Master to flip. His rules say that when he flips, all condition cards are dealt face down next to his character card.

In that turn, after the 3 face down condition cards were in place, the first face down card flipped was "Who are you fighting?" On his play phase, "Losing to the odds," was played. During that round, our team managed to end at 2 of us with odd HP, and Guise was at even HP.

On the next Wager Master turn, "Wagelings" was flipped. 

My question is, are the face down cards considered to be in play with no text? If so, "wagelings" took effect first, taking us all to even HP since Guise took 2 damage to our 1. Then "losing to the odds" wins the game. If "wagelings" is turned face up and played after "losing to the odds" and we hit even HP after "losing to the odds" is considered and we have to spend another round trying to stay even until his next turn.

The question is relevant because the Wager Master card text used "dealt" for the face down cards, but they were already considered "played" earlier in the game. In addition, I'm already aware that cards like the ones under La Capitan's flip side are also in play without text.

I think we won, but there was some debate about it's legitimacy and I'd like everyone's opinion.

If Losing to the Odds was the only condition face up then yes you won.  Any condition cards that are face down have no text and are just villain cards. 

Wager Master says "treat that card as if it had just been played." Seems pretty clear cut to me that that means it should be treated as if it entered play after all the other cards, and is thus processed AFTER any previously-played face up cards.

(If you ruled the other way, you could easily get into ambiguous situations where, due to the shuffling of face down cards, you didn't actually know what order the face up cards had entered play.)

The alternative interpretation of "treat that card as if it had just been played," is to assume that is already in play without text.  It then turns over, stays in the same location, and the text takes effect.  If it stays in the same location, then it's effect is resolved first and we won as stated above.

The question is less about which shuffled face down card was originally played first and more about whether the face up card is played in the same location, or moved to the end of the row.

Moved to the end of the row as if it had just been played from the deck. 

Thanks all!  We played it out incorrectly, but we'll fix it in future games.