A gaming device having a multi-player poker game includes a plurality of two-card hands dealt to a player and to a virtual opponent. First, the player has an option to place a wager on or fold each of the player hands. Then, the gaming device folds a number of dealer hands corresponding to the number of folded player hands and contributes a wager to the pot for each remaining virtual opponent hand in play. A primary award is provided if at least one of the active player hands outranks all of the non-folded virtual opponent hands. A bonus award is provided to the player if the rank of the player's winning hand is a predetermined rank.