1. A gaming system comprising: a housing; at least one display device supported by the housing; a plurality of input devices supported by the housing, the plurality of input devices including an acceptor; at least one processor; and at least one memory device that stores a plurality of instructions that, when executed by the at least one processor, cause the at least one processor to operate with the at least one display device and the plurality of input devices to: (a) establish a credit balance based at least in part on a monetary value associated with a physical item after the physical item is received by the acceptor, wherein the physical item is one of: a ticket associated with the monetary value and currency; (b) place a total wager for a game session after an actuation of a wager button is received, the credit balance being decreasable by the total wager, said game session being associated with: (i) a plurality of different time periods, (ii) a plurality of different wagering events, and (iii) a plurality of different groups of one or more magnitudes; (c) when one of the plurality of different wagering events occurs during one of the plurality of different time periods of said game session: (i) determine a portion of the total wager; (ii) determine one of the plurality of different groups of one or more magnitudes based at least in part on: (A) said wagering event, and (B) the time period during which said wagering event occurred; (iii) determine one of the one or more magnitudes of the determined group of one or more magnitudes; (iv) determine a wager for said wagering event by modifying the determined portion of the total wager by the determined magnitude; (v) determine at least one outcome for said wagering event; (vi) display the determined at least one outcome for said wagering event; (vii) determine any awards for said wagering event based at least in part on the determined wager for said wagering event and the at least one determined outcome for said wagering event; and (viii) display any determined awards, the credit balance being increasable by any determined awards; and (d) initiate a payout associated with the credit balance after an actuation of a cashout button is received.