A gaming machine for conducting a wagering game includes a value input device for receiving a wager and a display for displaying a plurality of symbols arranged on a plurality of reels. The symbols indicate a randomly-selected outcome selected from a plurality of possible outcomes, the plurality of outcomes including at least one winning outcome. The gaming machine further includes a controller operative to receive a volatility input from a player of the gaming machine. The controller is further operative to associate an award with the at least one winning outcome wherein the associated award is either a first award amount or a second award amount based upon the volatility input. Upon the occurrence of the at least one winning outcome, the controller awards the associated award to the player.