1. A method of operating a gaming device, the method comprising: receiving a wager from a player in terms of one or more gaming credits for a play of a game; displaying an image representative of the play of the game; randomly determining if a designated winning outcome from a plurality of different winning outcomes occurs in association with the play of the game; and if the determination is the designated winning outcome occurs in association with the play of the game: (i) thereafter, determining a monetary purchase cost for each payout in a plurality of different payouts based on information stored on at least one memory device and based on at least one parameter received upon determination of the designated winning outcome, wherein the at least one parameter is selected from the group consisting of at least one geographic location of the player, a geographic location of a casino, a current time of the year, and a current season of the year, wherein said determination of the monetary purchase cost for each payout is also determined based on a status of the player, the status of the player being determined from a plurality of different statuses according to a player tracking system that tracks wagering activity of the player; (ii) thereafter, displaying an image representing the plurality of payouts, the image including the monetary purchase cost for each payout in the plurality of payouts; and (iii) thereafter, if a selection from the player of one of the plurality of payouts is received, (a) receiving from the player the monetary purchase cost of the one of the plurality of payouts selected by the player; and (b) transmitting a request to provide the selected one of the plurality of payouts to the player; and if a selection from the player of one of the payouts is not received, providing at least one monetary award to the player in terms of one or more credits, the at least one monetary award based, at least in part, on the wager received from the player and the determined designated winning outcome.