1. A method of awarding prizes on a gaming machine providing wagering on a game of chance, the method comprising; prior to determining the outcome of the game of chance, receiving information for selecting at least one non-cash prize wherein the selected non-cash prize corresponds to an award for one of the outcomes of the game of chance and wherein the non-cash prize is only awarded after the outcome of the game of chance is determined wherein the gaming machine is operable to award the selected non-cash prize as a result of only the game of chance to be played following the selection of the non-cash prize and to only provide prize redemption for non-cash prizes that are awarded in this manner; receiving a wager for the game of chance; determining the outcome for the game of chance wherein odds for all possible outcomes of the played game of chance are described by a paytable and wherein the paytable is generated prior to the selection of the non-cash prize; presenting the outcome for the game of chance; and indicating an award of the selected non-cash prize when the determined outcome for the game of chance is the same as the one the outcomes of the game of chance corresponding to the non-cash prize selection.