An apparatus and method for configuring a gaming device that provides a player selectable award profile. The award profile is further selectable by the player with respect to a payout scheme, a bonusing option or both. A player may select a preferred bonusing option form a group of available bonusing options prior to commencing play of the gaming device. A gaming device is provided that offers the player a choice of several bonusing options from a single source gaming device. Additionally, the player may also select a modified payout scheme that suits the player's preferences.