The present invention relates to a video gaming device and method for wagering on a virtual football game, referred to as the “2-Minute Warning game,” comprising a video touch screen or display and a selector control panel including a plurality of selector control keys to selectively generate a plurality of passing or running selections and control signals including various football selection signals and wagering selection signals, and a microprocessor including game data comprising a plurality of wager selections and a plurality of passing and running selections corresponding to various outcome signals and wagering selection signals and a predetermined game situation profile; a data processing section including logic to receive the run or passing selection signal and control signals from the plurality of selector control keys to generate display signals in response to the play selection and control signals to be displayed on the video screen or display in response to operator input from the plurality of selector control keys and to generate a football game image on the video screen or display to move the player's team further down the field with awards based on how far the team progresses down the field to reach the first down in 4 plays before starting a new drive to continue playing, or run out of time, which are executed against the predetermined football game situation profile and display the wagering results.