A method and apparatus for playing a wagering game on a gaming apparatus enables different paytables and related volatility wagers on at least one of an underlying wagering game and a side bet wager against a paytable. The method allows a player placing a wager on the underlying wagering game; and the player placing a wager on the side bet. The method further allows providing a physical random event outcome in the underlying wagering game on which both the underlying game and the side bet are based. At least one of the wager on the underlying wagering game and the wager on the side bet is made on at least one of two available wagers having differing volatilities from each other.