Methods and systems for providing low denomination payline and wagering options for “penny” gaming machines and systems are disclosed. A gaming machine or system configurator can provide various operator adjustable settings, including minimum overall wager, maximum overall wager, available denominations for play, minimum number of paylines that must be played, and incremental amount of paylines to be played. The configurator can include manual devices, an interface to a remote server or internal gaming machine logic. Player adjustable game parameters can include a play denomination, an overall wager, the number of paylines played and the number of credits per payline. Parameters not set by the player are automatically calculated by the gaming machine for faster game play. Residual awards or credit balances of less than a whole coin can be squared by payout mechanisms including a ticket printer, a player accounting system, a charity feature or a bonus play feature.