Buy a tarp that has grommets at the corners. Use four tent stakes to hold it down. Paint on your colors for your circles. Make a spinner out of a paper plate with the paper clasp in the middle of the dial, like we did when we were in school.
My kids love to take this to the park and my childrens' friends have even borrowed it to play at family reunions. Just make sure you get the stakes well into the ground so that no one gets hurt. I recommend the metal stakes rather the big fat plastic stakes. Plastic stakes are harder to get all the way in the ground a safe distance.