A gaming system and method which provides a player with a higher average expected payback for making a gaming system wager on a gaming system wagering event in addition to making a primary game wager on a primary game. If the player places the gaming system wager on the gaming system wagering event, the player obtains the chance to win a gaming system award in addition to the player's chance of winning an award based on the outcome of the primary game, wherein the gaming system award is based, at least in part, on the primary game outcome. By placing a gaming system wager on the gaming system wagering event, the overall average expected payback associated with the play of the game increases, without changing the average expected payback of the primary game.