A gaming system having a five card draw poker game is provided. The gaming system causes an initial five card hand to be dealt to the player and also causes a first draw card to be revealed to the player. The player has the option to keep or discard the first draw card. After the player has decided whether or not to keep the first draw card, the gaming system enables the player to replace cards in the initial player hand. If the player selected to discard the first draw card, this card will not be used as a replacement or draw card to form the final player hand. In certain implementations, the player first selects cards to replace in the initial player hand. In these implementations, if the player elects to keep the first draw card, the gaming system will cause the display of a second card and the player has the option of keeping or discarding the second draw card. This process continues until all of the discarded cards in the initial player hand have been replaced or until the player elects to discard one of the draw cards.